Wal-Mart discount brokerage | Arkansas Blog

Monday, May 21, 2007

Wal-Mart discount brokerage

Posted By on Mon, May 21, 2007 at 10:33 AM

Wal-Mart has so far been stymied on entering the banking business. Who needs to be a bank when you can be a stock broker? From the Wall Street Journal:

Wal-Mart Stores Inc. has teamed with discount brokerage ShareBuilder Corp. to offer low-cost investment services, marking the retailer's initial expansion of its financial-services offerings since abandoning its bid to start an industrial bank.

Bellevue, Wash.-based ShareBuilder won't share revenue from the service with Wal-Mart because of securities regulations prohibiting such arrangements, said Jeff Seely, ShareBuilder's chairman and chief executive. Wal-Mart introduced the service, titled Wal-Mart Easy Investing by ShareBuilder, early this month with a link on its Web site. It soon will begin promoting the service in its U.S. stores, too.

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