E*TRADE (ETFC) Approves Reverse Stock Split

Today was a busy day for E*TRADE Financial. E*TRADE (ETFC) named a new CEO and announced plans for a reverse stock split. Steven Freiberg was picked as the new CEO of E*TRADE. The former Citigroup executive will officially take over April 1st. Freiberg will have his hands full trying to turn the troubled financial services company around. Shares of E*TRADE (ETFC) have been hit especially hard by the subprime mortgage crisis. The brokerage firm has undertaken an extensive restructuring over the past 2 years to stave off bankruptcy. E*TRADE currently trades at $1.51 with a market cap just under 3 billion dollars. The company approved a 1 for 10 reverse stock split to try and bolster its beaten down shares. Analysts believe that the online brokerage firm is ripe for takeover.