Rejecting pressure from its largest shareholder Citadel to sell itself to an online broker competitor such as TD Ameritrade (AMTD) or Charles Schwab (SCHW), E*Trade chief executive and interim chairman Steven Freiberg said, "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."
E*Trade shares fell more than 5% in after-hours trading to $8.96. The pioneer in online retail investing of stocks and bonds, with $182 billion in customer assets worldwide, has seen its stock fall more than 40% year to date.
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