23 October 2017

JP Morgan Chase and PCCW pull plug on HK online broker 2Cube

13 December 2001  |  3465 views  |  0 JP Morgan Chase and PCCW pull plug on HK online broker 2Cube

JP Morgan Chase and Hong Kong telco Pacific Century Cyberworks have pulled the plug on their online brokerage joint venture 2Cube.

2Cube has agreed to sell its 8000 accounts - of which 4600 are active - to E*Trade.

"Current market conditions are such that it is not possible to provide a reasonable return to shareholders, thus closure of 2cube was necessary," PCCW and JP Morgan said in a joint statement.

E*Trade, which opened its first stand-alone operation in Hong Kong in November, says the transaction will enable it to add a group of highly engaged and profitable households to its customer base.

"While many of our global competitors are scaling back and exiting markets, we remain committed to our global brand. We see this commitment as an important source of future growth and a differentiator between E*Trade and its competition," says Jarrett Lilien, chief brokerage officer and managing director Asia-Pacific and Latin America, E*Trade Group.

The move comes a week after Charles Schwab said it would close it Japanase and Australian broking operations, and Merrill Lynch and HSBC scaled back their ambitions for wealth management joint venture, MLHSBC.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Online trading will capture Japanese retail brokerage market

Online trading will capture Japanese retail brokerage market

11 December 2001  |  2480 views  |  0 comments
Charles Schwab exits Japan and Australia

Charles Schwab exits Japan and Australia

07 December 2001  |  4905 views  |  0 comments
Merrill Lynch seeks reduced role in HSBC joint venture - FT

Merrill Lynch seeks reduced role in HSBC joint venture - FT

07 December 2001  |  3088 views  |  0 comments
E*Trade opens Denver superstore

E*Trade opens Denver superstore

15 November 2001  |  3338 views  |  0 comments
Rocky ride ahead for online brokers, warns S&P

Rocky ride ahead for online brokers, warns S&P

14 November 2001  |  2940 views  |  0 comments
E*Trade mortgages reach $4 billion milestone

E*Trade mortgages reach $4 billion milestone

13 November 2001  |  2811 views  |  0 comments
E*Trade opens online brokerage in Germany

E*Trade opens online brokerage in Germany

08 November 2001  |  3742 views  |  0 comments
JPMorgan Chase winds down Arcordia

JPMorgan Chase winds down Arcordia

07 November 2001  |  7209 views  |  0 comments
E*Trade expands wireless service for after hours trading

E*Trade expands wireless service for after hours trading

29 October 2001  |  2993 views  |  0 comments
E*Trade uses video game format to target teens

E*Trade uses video game format to target teens

25 October 2001  |  4966 views  |  0 comments
E*Trade taps into home loan market

E*Trade taps into home loan market

17 October 2001  |  2970 views  |  0 comments
E*Trade acquires Chase USA deposit accounts

E*Trade acquires Chase USA deposit accounts

16 October 2001  |  3356 views  |  0 comments

Related company news

 

Related company information

JPMorgan Chase

Related blogs

Create a blog about this story (membership required)
visit www.fivedegrees.nlRegister nowvisit www.niceactimize.com

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
19727 views comments | 31 tweets | 43 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
15272 views comments | 23 tweets | 32 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
11019 views comments | 12 tweets | 23 linkedin
Eight banks form joint venture to launch blockchain trade platformEight banks form joint venture to launch b...
9123 views comments | 15 tweets | 29 linkedin

Featured job

Competitive base, commission, benefits
London, UK

Find your next job