During the quarter, the Company’s income tax benefit included approximately $38 million of expense related primarily to a recent change to the California tax code and its impact on certain state deferred tax assets.“While 2012 was characterized by a retrenchment of the retail investor, our brokerage business remained resilient,” said Matthew Audette, CFO. “Our net new assets and accounts surpassed 2011 levels as we continued to grow the franchise and made solid early progress in the retirement and investing segment. Additionally, we strengthened the financial position of the firm by executing on several elements of our long-term Strategic and Capital Plan. We deleveraged our balance sheet, improved our Bank capital ratios, refinanced $1.3 billion in expensive corporate debt and identified over $100 million of cost reductions. We look forward to building on this momentum during 2013.”
E*TRADE Financial Corporation Announces Fourth Quarter And Full Year 2012 Results
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.