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E*Trade Tabs Ex-Citi Exec for Banking Division

Former Citi executive Peter Knitzer to replace retiring Robert Burton as E*Trade Bank president.

Former Citi executive Peter Knitzer is slated to join E*Trade's banking division as its executive vice president and president.

Knitzer, who was CEO of Global Consumer Group and Head of Customer Franchise Management for Citibank North America, replaces Robert V. Burton, who is retiring as president of E*Trade Bank at the end of March.

"As President of E*TRADE Bank, Bob was instrumental in reducing balance sheet risk, optimizing our investment portfolio and positioning us for a successful future," said Steven Freiberg, Chief Executive Officer, E*TRADE Financial. "We are grateful that he took on this challenge in 2007 and wish him all the best in retirement."

Knitzer, 52, was with Citigroup from 1996 to 2010, and has previously held senior roles with JPMorgan Chase, American Express and Nabisco.

"The Bank is an important component of E*TRADE’s business and I am pleased to welcome Peter to the organization," Freiberg added. "Peter is an accomplished executive and leader with a strong record of developing and driving successful strategies in consumer financial services franchises. Our success in mitigating risk and optimizing the value of our brokerage customer deposit base has a direct impact on our profitability, and I am confident that with Peter’s broad and deep experience in running financial services businesses, we will continue to make progress toward our goal of sustainable profitability."

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