E*Trade Closes Institutional Trading Business
It is being reported that E*Trade Financial Corp. is closing its institutional trading business as part of its plans for restructuring the company. This has currently resulted in the sale of its $3 billion asset-backed securities portfolio and the removal of its international institutional business, reports the Wall Street Journal.
Included in the announcements was the appointment of former Wachovia official Robert Burton as COO of its banking business. The online brokerage said the changes would affect less than 30 employees. “The business does not align with the core retail business” E*Trade stated. The restructuring is focused on “reducing balance sheet-related risk and leverage.”
The company announced today that it has sold about $3 billion in available-for-sale securities, including combination mortgage-backed securities and municipal bonds, the report continued. The sale resulted in a loss of less than $5 million according to the company.
E*Trade said it has seen “turnaround momentum” in customer behavior, as the company gains news clients, totaling $190 billion in client assets with $33 billion in cash by the end of last year.
Acting CEO R. Jarrett Lilien stated “We have taken important steps in the execution of our turnaround plan by reducing balance sheet-related risk and maintaining strong Bank capital levels.”
Reader Comments.
No comments yet
Leave a Comment
Article Sponsor
More News
-
Loading ...
Latest News
- Funding in Brief: $10M for Spongecell, $8M for Prolexic February 9th 2012 ADOTAS – Rich media ad company Spongecell has raised $10 million [...] more »
- Google AdMob Axes Minimum Bids, Targeting Fees February 9th 2012 ADOTAS - As of Feb. 15, Google will change its [...] more »
- Infographic: HootSuite Analyses Social Media Impact of Super Bowl Ads February 7th 2012 ADOTAS - So, it’s the Tuesday after the Super Bowl, [...] more »
- Facebook to Serve Mobile Ads in Coming Weeks February 6th 2012 ADOTAS – According to a Financial Times report, Facebook will [...] more »
- Survey: 39 Percent of Mobile Users Responded to Super Bowl Ads Via Mobile February 6th 2012 ADOTAS - During the Super Bowl yesterday, mobile ad network [...] more »
- Sponsormob Leads the Way Into RTB for Mobile February 3rd 2012 ADOTAS – For more than half a decade, Berlin-based tech [...] more »
- Weird Study: Mobile Purchasing While in the Bathroom on the Rise February 3rd 2012 DM CONFIDENTIAL - According to 11mark, three-quarters of Americans with mobile [...] more »
Features
- Attribution Online: Introducers and Influencers and Closers… Oh My! February 9th 2012
- With gTLDs, Global Branding Starts with a Name February 9th 2012
- Rethinking the Online Advertising Ecosystem, Part One: Independent Publishers February 8th 2012
- Case Study: Social Ad Effectiveness February 8th 2012
- Video: “Build an SEO Foundation” Excerpt February 8th 2012
Spotlight
Sponsormob Leads the Way Into RTB for MobileADOTAS – For more than half a decade, Berlin-based tech firm Sponsormob has remained relevant in an industry characterized by [...] more...
Reader Favorites
Classifieds
- PS Technical Writer - SEO Data Analyst
- Interactive Project Manager
- Media Buyer
- PHP Software Engineer (Facebook Platform/Social AP
- SEO/Marketing Internship at Green Education Startu
Recent Comments
- Rick Noel: Nice post Mike. A few years back, we ran a large CPA campaign through an
- With gTLDs, Global Branding Starts with a Name – ADOTAS | ShopComs.com: [...] With gTLDs, Global Branding Starts with a NameADOTASADOTAS – It's no longer important how
- Domain Outlook : Latest Domain News » Blog Archive » With gTLDs, Global Branding Starts with a Name - ADOTAS: [...] With gTLDs, Global Branding Starts with a NameADOTASADOTAS – It's no longer important how
- With gTLDs, Global Branding Starts with a Name: [...] and Microsoft have little to worry about over names like UnitedThis and UnitedThat. The
