Brown &Company Announces Record Year, Quarter, Month.Business Editors BOSTON--(BUSINESS WIRE)--Feb. 17, 2000 Brown &Company, the discount brokerage unit of The Chase Manhattan Bank The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. The bank is headquartered in New York City. (NYSE NYSE See: New York Stock Exchange : CMB Noun 1. CMB - (cosmology) the cooled remnant of the hot big bang that fills the entire universe and can be observed today with an average temperature of about 2. ), announced that it turned in a record 1999 performance in trading volume Trading volume The number of shares transacted every day. As there is a seller for every buyer, one can think of the trading volume as half of the number of shares transacted. That is, if A sells 100 shares to B, the volume is 100 shares. and revenues. Brown also just completed a record quarter, and December was its highest record month in average daily trades. For the year, Brown &Company's daily average trades increased over 130% from 14,900 to over 34,000. For the quarter, they increased 88% from 22,300 to 41,900. For the month of December, they rose over 90% from 26,180 to 49,950. Continuing to build on 1999's strong momentum, average daily trades for the month of January 2000 rose 68% from 32,824 to 55,151. The percentage of Brown &Company's trades conducted over electronic channels rose to 80% in 1999 from 60% in 1998. Brown &Company's revenues in 1999, excluding nonrecurring items, were a record $175 million, up 58% versus 1998. Revenues for the fourth quarter were $54 million, up 61% from a year earlier; for December 1999, revenues increased 70% to $21 million from $12 million. Brown &Company, the seventh largest online brokerage firm nationwide, is a wholly-owned subsidiary of The Chase Manhattan Bank and part of Chase.com, the company's focal point focal point n. See focus. for Internet business expansion. Brown &Company is a deep discount broker The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. for those experienced investors who make their own investment decisions, and are willing and able to manage their own accounts. Headquartered in Boston, it has 14 regional offices across the U.S. The Chase Manhattan Corporation The Chase Manhattan Corporation was a bank holding company formed as parent of the Chase Manhattan Bank. During its time as the parent company, it was led in succession by David Rockefeller, Willard C. Butcher, and Thomas G. Labrecque. , with $406 billion in assets, is one of the world's premier financial services institutions, with operations in 48 countries around the globe. Chase has relationships with more than 32 million consumers across the United States through products and services such as credit cards, mortgages, online banking, debit cards, deposit products and auto loans. Through its newly formed business unit, Chase.com, Chase is successfully creating new business models for the Internet economy. Chase can be reached on the Web at www.chase.com. |
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