By Ben Fox
E*Trade Financial Corp. ETFC -0.93% said its average trading volume in November dropped 11% from a year ago, a reversal after the online brokerage's trading volume increased for much of the year on surging market volatility.
The online brokerage reported daily average revenue trades for the month were 141,361, down 10% from October. E*Trade added 24,541 brokerage accounts last month, bringing the company's total number of brokerage accounts to about 2.8 million. A year earlier, the company added 30,355 new brokerage accounts.
Total customer assets rose 3.7% to $173.3 billion from a year ago, but were down 1.5% from the month before.
E*Trade in October said its third-quarter profit surged from a year earlier, boosted by an income tax benefit. The company also set aside less money to cover losses from bad loans.
Shares closed Tuesday at $8.58 and were inactive premarket. The stock is down 46% this year.
