Citadel To Quit E*Trade

Mar 14 2013 | 11:44am ET

After twice bailing out online brokerage E*Trade Financial, and two years after demanding changes at the company, Citadel Investment Group is getting out.

The Chicago-based hedge fund, which is currently E*Trade’s largest shareholder, will sell its remaining 27.4 million shares, worth about $323.9 million. The sale is expected to be completed by Tuesday.

E*Trade shares have rallied 32% this year.

Citadel invested $2.55 billion in E*Trade in 2007 to keep the company, which was suffering mortgage-backed securities losses, afloat. In 2011, the hedge fund called for changes at the company, winning the exit of its CEO, although not the sale it sought.


In Depth

Bob Doll's Ten Market Predictions For 2016

Jan 7 2016 | 9:37pm ET

Well-known market strategist Robert Doll has published his annual list of ten predictions...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedge Fund Marketing - Making the Most of Your Salesperson

Jan 20 2016 | 8:11pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth takes a close...