E*Trade Names New CEO, Explores Possible Sale

Embattled online broker E-Trade Financial Corp. said Monday it named Chairman Donald Layton, a veteran of JPMorgan Chase & Co., to take over as chief executive.

Layton, 57, became chairman of the New York-based broker in November, after it revealed huge losses related to investments in risky mortgages. Former CEO Mitch Caplan resigned then, and was temporarily replaced by Jarrett Lilien, E-Trade's president and chief operating officer. The newspaper said Lilien was asked to remain in his prior job.

In November, hedge fund Citadel Investment Group invested $1.75 billion into the company, and now holds a nearly 20 percent stake. E-Trade shares have fallen about 13 percent since November, closing Friday at $4.27, more than 83 percent off their high set in June.

Keep Reading

-- OR --

Read about how the WSJ thinks E-Trade might be angling for a sale (subscription required).

Comments

[mrcontinental]

Once shares hit 10 cents I am definitely buying.

[localman]

Hey Mr. C,

Curious as to what you think about this article:

http://www.safehaven.com/article-2925.htm

It's about gold and deflation and what will happen once the inevitable deflationary phase hits. I'll reserve my thoughts till after you give it a look. Peace.

localman

[mrcontinental]

The jury is still out but I will stay with a sizeable amount of gold no matter what. Our current situation is unprecedented because there appears to be NO safety in stocks or bonds. There are issues behind both that could cost the average investor big time if they guess incorrectly. Plus the three largest growing economies (China, India, and Russia) have take specific measures to increase their gold reserves so I do not see a situation where it will every be worth zero, almost like never seeing $10 oil again. The oil rich countries have increased their gold reserves as well. Besides the gold market has been manipulated for years now and the international central banks have lost their ability to control it for now so it will continue to rise. I'm standing pat for now.