E*TRADE Closing Its Doors on Sacramento Location

Employees of E*TRADE Financial were told yesterday that the company’s Rancho Cordova location, home to several hundred employees will cease operations this August. The company, headquartered in New York (ne Palo Alto), has been slowly scaling down the employee base in their White Rock Rd offices for the last 12 months.

For those of us that worked at E*TRADE, we’re going to miss the place. Many of us agree that it was one of the worst working environments around. We hated the ceaseless 50-60 hr weeks, the subtle intimidation by incompetent managers, the break of dawn or late night shifts and the turnover rate that made the position of drummer for the band Spinal Tap seem like a steady gig. Nevertheless, for most of us, it was our first real job out of college and taught us a lot about getting along in the business world.

So, if your business is looking for about 400 college educated workers with a financial services experience and a high tolerance for poor working conditions, just wait a few months. The market is about to be flooded.

11 thoughts on “E*TRADE Closing Its Doors on Sacramento Location”

  1. I happened to be unfortunate enough to be employed at E*Trade for only 6 months but I can vouch for sac-eats testimonial on how really crappy a place that was to work. I think it ranked right there with pyramid builder or black plague body collector for employee moral. I do feel bad for some of the longtime employees there who had the intestinal fortitude to stick it out there for all those years. I wonder if they will outsource all those jobs?

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  2. They had already started to outsource some jobs (domestically) some months ago. Their Rancho location has been in slow shut down mode for a while.

    From what I’ve heard from people who worked there, everything sac-eats has said is true. The place ran their employees into the ground, and the financial job market in Sacramento is full of E*Trade survivors and refugees.

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  3. E*TRADE refugees might apply for the “Management Trainee” positions at Enterprise Rent A Car, yet another sweatshop for college grads.

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  4. SinghCity – I think Rancho’s been in shutdown mode for the last few years.

    Ahh E*Trade. Yes, they have a history of these things, but when I was there it was pretty cush. I’m an XETer myself. I was involved in the first outsourcing wave back in 2002. They shutdown most of engineering/operations in the only two story building (PG2 if I remember correctly) and shipped almost everything out that spanking new facility (I saw it in 2002 and it’s pretty impressive) in Alpharetta, GA. A few high level engineers managed to save themselves and some of us were offered positions in GA. From what I hear a few remaining tech people were offered jobs in Menlo.

    BTW, If you were in Eng/Ops at Rancho back in the day I hear there’s a shindig going on at Friends coming up. Contact me to be added to the list.

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  6. I’ve been with ET for 6 years. It has been an absolutely wonderful experience. Those of you who whining about long hours and poor mgmt
    need a dose of reality . Sack it up, get a real job or go back to momma. It’s obvious that this is your first job out of college, maybe you should intern at MacDonald’s. Sweatshop my A$$.

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  7. Actually, dxn553, (if that is your real name) I got a dose of reality with the job I got after leaving E*TRADE, where the employees are treated respectfully and paid well, the work is done within an 8 hr day, and the workforce is happy and turnover low. I have a seaking suspicion that you weren’t on the phone much in your 6 yr tenure, or, perhaps, that your job previous to ET was in a Siberian labor camp.

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  8. also dxn553, i have a sneaking suspicion that your hangup on the use of “sweatshop” betrays the fact that you weren’t in the Sarcasm department at E*T, which if i understand things correctly was where most of the major abuses ocurred.

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  9. Uh oh. Looks like somebody’s got a case of the Mondays! Darn. That would have worked so much better if dxn553’s comment had been on 5/22 instead of 5/21.

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  10. ET sucks big green donkey (edited)!! I’ve been with them for 9 years and they treat us like (edited)! Now, when is this shindig going on at Friends?

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  11. I still work @ Etrade and this august there will be over 800 employees(most temps throught Manpower) that will be out of a job. Some may think we are just slowing down and releasing some dead weight but the truth is we have been outsourced to manilla RIGHT HERE RIGHT NOW in PG3 we are training foreign people from another country to do OUR jobs. ETRADE sucks and could give a crap about the people it employs and was a false hope for alot of people looking for a good job.

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