A NEW Etrade Market Trader

[Stock]

E*Trade To Focus On Retail Business, Cuts '07 View >ETFC

Last update: 9/17/2007 4:45:45 PM

DOW JONES NEWSWIRES E*Trade Financial Corp. (ETFC) intends to sell or restructure non-businesses to focus on retail growth. The New York-based electronic brokerage firm cut its 2007 earnings forecast range to $1.05 to $1.15 a share from $1.53 to $1.67 a share on the changes. The decrease is largely due to a boost in its provision for loan losses in the second half of the year to $245 million and charge-offs of $95 million. E*Trade said it will exit its wholesale mortgage operations, streamline its direct mortgage lending business and restructure its institutional sales trading unit. The company expects exit charges, which will primarily be recorded during the fourth quarter, to be about $32 million. -Monica M. Clark; 201-938-5400; [e-mail] (END) Dow Jones NewswiresSeptember 17, 2007 16:45 ET (20:45 GMT)