E-Trade Financial Corp. announced Thursday that it is realigning itself by splitting operations into retail and institutional segments. Previously businesses lines were organized around banking and brokerage.
Lou Klobuchar Jr. was named E-Trade Financial Services' president and will be responsible for all of E-Trade's retail products. Mr. Klobuchar had been the chief brokerage officer and president of E-Trade Securities.
Dennis Webb was named to a newly created executive officer position, president of E-Trade Capital Markets. Mr. Webb had been an executive vice president in its capital markets unit. Both Mr. Klobuchar and Mr. Webb will report to the company's president and chief operating officer, R. Jarrett Lilien. The move is designed to improve service, E-Trade said in a press release. The company said it will realign its external financial segment reporting around the new retail and institutional customer segments starting this quarter.
