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Author Topic: E*Trade gets $2.55 bln cash infusion from Citadel  (Read 1397 times)

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E*Trade gets $2.55 bln cash infusion from Citadel
« on: November 29, 2007, 08:19:31 AM »
Online brokerage E*Trade Financial Corp , which has been pounded by credit woes in the mortgage business, said on Thursday that it was getting a $2.55 billion cash infusion from Citadel Investment Group.

The agreement includes immediate funding of about $2.4 billion and rids the company of its $3 billion asset-backed securities portfolio.

New York-based E*Trade also named Chief Operating Officer Jarrett Lilien as acting chief executive. He replaces Mitchell Caplan, who has stepped down.
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