E*Trade Names New CEO, Explores Possible Sale

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.

-- OR --

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

Popular in the Community

Close

What's Hot