E*Trade cuts 2007 outlook on restructuring, mortgage exit
Online brokerage E*trade Financial Corp. said Monday that it will cut its earnings outlook for the year due in part from its move to exit the wholesale mortgage lending business to focus on retail growth.
The company said in a statement that it will drop its outlook range to $1.05 to $1.15, compared to a previous estimate of $1.53 to $1.67 per share. The cost of the move will about $32 million.
The company will also streamline its direct mortgage lending business and restructure its institutional sales trading unit.
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