Bloomberg reports that Freiberg, 55, was the company’s third CEO in four years. Chairman Frank J. Petrilli will hold the post while the company seeks a permanent replacement, E*Trade said in a statement. A board committee which includes the head of its biggest shareholder, Citadel LLC’s CEO Ken Griffin, will lead the search, the company said.
The news organisation also reports that Knight Capital, the market maker that was driven to the verge of bankruptcy after a trading error, said last week’s mishap may cause more losses.
Should its customers and trading partners lose confidence, Knight’s reputation and business may suffer, The Jersey City, New Jersey-based firm said in a government filing. Lawsuits and regulatory probes may also cost money, it said.
In the meantime, Reuters reports that Commerzbank has said it has found no wrongdoing by its staff in delivering data for the Euro Interbank Offered Rate (Euribor), which is used as a reference for trillions of euros in euro-denominated loans and debt instruments.
And the news agency also reports that Societe General on Thursday agreed to sell its stake in asset manager TCW Group Inc to private equity firm Carlyle Group and TCW management and employees, clearing up questions over TCW's ownership and putting it on track to be a more formidable competitor against some of the largest bond managers.
Finally, The Financial Times reports that Bank of Tokyo Mitsubishi has become the latest lender to face questions in the widening interbank lending rate rigging scandal that has shaken the global banking industry.
Japan’s biggest bank by revenues said on Thursday one of its employees in London was being questioned by UK regulators over whether he was involved in the attempted manipulation of the London Interbank Offered Rate.
image: © Dan4th Nicholas