E*Trade to post quarterly loss on bank-related charges

Reuters
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Sept 8 (Reuters) - E*Trade Financial Inc said on Tuesday it expected to post a loss in the current quarter due to a charge related to a restructuring of its bank's balance sheet.

The company said it would eliminate all of the bank's $4.4 billion of wholesale funding obligations by the end of the quarter.

E*Trade said it will record a related pre-tax charge of about $410 million in the third quarter.

E*Trade's shares were up 3.4 percent in premarket trading at $26.23.

(Reporting by Rachel Chitra; Editing by Saumyadeb Chakrabarty)

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