December 21, 2007 / 2:59 PM / 13 years ago

E*Trade says customer cash, balances total $33 bln

NEW YORK, Dec 21 (Reuters) - Online brokerage E*Trade Financial Corp (ETFC.O) said on Friday that retail customer cash and deposit balances totaled about $33 billion, as of this week.

The company said it had launched a customer “win-back” plan as part of a wider turnaround plan. The company said the drive to win back customers who fled after large losses in its mortgage business was started earlier this month, and was already paying off.

E*Trade said further details on the turnaround plan, and its outlook for 2008, will be disclosed when it reports fourth-quarter earnings on Jan. 24.

On Nov. 29, E*Trade announced a $2.55 billion cash infusion from Chicago hedge fund Citadel Investment Group.

“Since the announcement of the cash infusion, customer cash trends have shown significant improvement,” acting Chief Executive Jarrett Lilien said. (Reporting by Lilla Zuill; Editing by Jeffrey Benkoe)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below