E*TRADE Financial Slips To Loss In Q3; President Navtej Nandra To Depart

(RTTNews) - E*TRADE Financial Corp. (ETFC) reported third quarter net loss of $153 million or $0.53 per share, versus net income of $86 million or $0.29 per share in the same quarter a year earlier. The third quarter included charges related to the termination of wholesale funding obligations of $413 million pre-tax, or $251 million after tax. Excluding these charges, net income would have been $98 million or $0.33 per share.

On average, 14 analysts polled by Thomson Reuters expected the company to report profit per share of $0.29 for the quarter. Analysts' estimates typically exclude special items.

Total net revenue totaled $73 million, including $370 million of losses related to the termination of wholesale funding obligations. Excluding these losses, net revenue would have been $443 million, versus $440 million in the year-ago quarter. Analysts had a consensus revenue estimate of $446.14 million for the quarter.

E*TRADE also announced that its President, Navtej Nandra, will depart at the end of this year. The company does not intend to replace the position. In connection with his departure, the company expects to record a charge of approximately $6 million in the fourth quarter.