UPDATE 1-E*Trade to eliminate $4.4 bln in high-cost funding

September 8, 2015 2:29 PM

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Sept 8 (Reuters) - E*Trade Financial Inc said it would eliminate all of the $4.4 billion wholesale funding obligations from its bank's balance sheet by the end of the current quarter to make room for low-cost deposits.

Shares of E*Trade, which operates a discount broker-dealer and a bank, jumped 6.4 percent to $27 in early trading on the Nasdaq.

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