TSC Staff
E*Trade Financial(ETFC Quote - Cramer on ETFC - Stock Picks) has appointed Donald Layton, who has been the company's chairman since November, to serve as CEO, The Wall Street Journal reported on its Web site Sunday.
A former vice chairman of JPMorgan Chase(JPM Quote - Cramer on JPM - Stock Picks), Layton became E*Trade's chairman when hedge fund Citadel Investment Group, put $1.75 billion into the financial services company, the Journal report noted. Citadel owns about 20% of E*Trade. Once a high-flying online brokerage, E*Trade ran into trouble by buying mortgages and investing in mortgage-backed securities, the report also noted. Former CEO Mitch Caplan left the company in November and was replaced on a temporary basis by Jarrett Lilien, E*Trade's president and COO. E*Trade has asked Lilien to remain as president and COO, according to the Journal. E*Trade shares closed Friday at $4.27.
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