E*Trade optimistic on $800m government funding

E*Trade optimistic on $800m government funding

Troubled online brokerage E*Trade has applied for $800 million in funding from the US government's bank recapitalisation programme.

The firm - which has been badly burned by the US mortgage crisis - indicated that it was considering applying for the handout last month after recording a worse than expected third quarter loss of $50 million.

E*Trade says its application is being reviewed by its prime regulator, the Office of Thrift Supervision.

Donald Layton, chairman and CEO, E*Trade Financial, says: "We remain optimistic that we will receive approval and expect to make an announcement this month."

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