E TRADE Financial Corp (ETFC)

[suzyHomemaker]

Ahead of the Bell: E-Trade seen reporting loss

http://biz.yahoo.com/ap/081021/ahead_of_the_bell_e_trade.html?.v=1

Ahead of the Bell: E-Trade seen reporting loss
Tuesday October 21, 6:43 am ET
E-Trade Financial set to post 3rd-quarter loss as new management works to strengthen business


NEW YORK (AP) -- Online broker E-Trade Financial Corp. is expected to report a loss for the third quarter as the company's new management worked to shore up the business.
E-Trade, squeezed by subprime mortgage exposure and the ensuing credit crisis, is expected to report a loss of 28 cents per share. It has missed Wall Street projections for three of the past four reporting periods.

That has put pressure on E-Trade's new management that was hired to help the brokerage recover.

Since Chief Executive Donald Layton, a former top executive at JPMorgan Chase & Co., joined the company in March, he has raised about $650 million by selling some of its offshore businesses.

The hope is that E-Trade can focus better on its U.S. business, where it's one of the biggest online brokerage franchises.

Last week, rival Charles Schwab Corp. reported third-quarter results that topped analysts' expectations. However, the ongoing financial market turmoil weighed on the retail brokerage's assets under management. Schwab also reported that client activity picked up due to the highly volatile market conditions.

Shares of E-Trade fell 4 cents to close at $2.33 on Monday. The stock has traded within a 52-week range of $1.84 to $11.38.

The company is expected to report earnings after the close of regular trading Tuesday.