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E*TRADE FINANCIAL Corporation (NYSE: ET) today announced it has received approval from the Federal Reserve Board to make E*TRADE Clearing an operating subsidiary of E*TRADE Bank. “The decision by the Federal Reserve Board paves the way for us to move forward with the final phases of our structural balance sheet integration,” said R. Jarrett Lilien, President and COO, E*TRADE FINANCIAL Corporation. “The new structure will provide the company with more efficient capital allocation and lower cost of funding as we leverage brokerage cash to fund balance sheet growth and lower hedging costs to optimize the duration characteristics of brokerage assets and liabilities.” The Company will provide specific future benefits to the business model during its 2007 guidance discussion in December. About E*TRADE FINANCIAL The E*TRADE FINANCIAL family of companies provides financial services including trading, investing, banking and lending for Retail and Institutional customers. Securities products and services are offered by E*TRADE Securities LLC (Member NASD/SIPC). Bank and lending products and services are offered by E*TRADE Bank, a Federal savings bank, Member FDIC, or its subsidiaries. Important Notice E*TRADE FINANCIAL and the E*TRADE FINANCIAL logo are registered trademarks or trademarks of E*TRADE FINANCIAL Corporation. The statements contained in this news release that are forward-looking are based on current expectations that are subject to a number of uncertainties and risks, and actual results may differ materially. The uncertainties and risks include, but are not limited to, changes in market activity, anticipated increases in the rate of new customer acquisition, the conversion of new visitors to the site to customers, the activity of customers and assets held at the institution, seasonality, the development and enhancement of products and services, competitive pressures (including price competition), system failures, economic and political conditions, changes in consumer behavior and the introduction of competing products having technological and/or other advantages. Further information about these risks and uncertainties can be found in the information included in the annual reports previously filed by E*TRADE FINANCIAL Corporation with the SEC on Form 10-K (including information under the caption "Risk Factors") and quarterly reports on Form 10-Q.
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