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E-Trade tightening up
E-Trade Financial will be going through some big changes thanks to the tightening in global credit markets. The discount brokerage has announced it's getting out of businesses that don't deal directly with retail investors. E-Trade's wholesale mortgage operations and direct mortgage lending unit will be among those affected. The restructuring will mean a significant profit cut, according to the Wall Street Journal -- as much as 31 percent short of the most recent forecasts.
Posted on September 19, 2007 6:36 AM PT | Permalink
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