E*Trade Financial Corp. plans to name former JPMorgan Chase & Co. Vice Chairman Donald Layton as chief executive officer.
E-Trade Financial Corporation is a financial services company based in New York, NY, United States. It is a holding company, the major business of which is an online discount stock brokerage service for self-directed investors. Investors can buy and sell securities such as stocks, bonds, options, mutual funds, and exchange-traded funds. The company also offers banking and lending products such as checking and savings accounts, money market accounts, certificates of deposit, credit cards, and mortgages.
Layton, 57, will assume the post immediately. Layton joined E*Trade's board in November when the New York-based company ousted Mitchell Caplan as CEO and received a $2.55 billion cash infusion from hedge fund Citadel Investment Group LLC.
E*Trade has been battered by losses from bad loans after the collapse of the U.S. subprime mortgage market. The company's market value plummeted 81 percent during the past 12 months to $2 billion. E*Trade rose 6 cents to $4.32 in German trading.
"The company has been doing poorly,'' said Jacques Porta, who helps oversee $180 million at Ofivalmo Patrimoine in Paris and holds no E*Trade shares. "The idea is to change management.''
Layton, who retired from JPMorgan in 2004 after 29 years, told the Wall Street Journal in an interview late yesterday that he would consider a sale of E*Trade if it made sense for shareholders. He said a sale of the home-equity portfolio isn't an option right now because of the markets.
Jarrett Lilien, E*Trade's acting CEO since November, will remain at the company as president.
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