Following review, E*Trade rejects Citadel call to sell itself

Source: E*Trade Financial

E*Trade Financial Corporation (NASDAQ: ETFC) today announced that its Board of Directors has concluded the previously announced review of strategic alternatives.

The strategic review began in early August and was designed to objectively review all strategic alternatives for the company, including a possible sale. With a primary focus on maximizing stockholder value, and consistent with the recommendation of Goldman Sachs & Co., the company's financial advisor, the Board unanimously determined that the continued execution of the company's business plan is currently the best alternative for increasing stockholder value.

"Following this review by our Board, the management team will continue to execute on our strategy designed to create value for both our stockholders and our customers," said Steven Freiberg, Chief Executive Officer and Interim Chairman of E*TRADE. "We will remain focused on delivering the best investing experience to our customers, strengthening our brokerage business, continuing to improve the performance of our loan portfolio and enhancing our franchise." 

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