E*Trade Financial Corp was incorporated in California in 1982 and reincorporated in Delaware in July 1996. The Company is a financial services company. It provides brokerage and related products and services to individual retail investors. It also provides investor-focused banking products, primarily sweep deposits, to retail investors. The Company provides services to customers through its website www.etrade.com, its desktop software E*TRADE Pro, and its mobile applications. It also provides services through its network of customer service representatives and financial consultants, over the phone or in person through its 30 E*TRADE branches. The Company operates in the following segments, trading and investing, including corporate services, and balance sheet management. With respect to trading and investing, the factors used to judge performance include profitability, customer activity and financial metrics, along with the competitiveness of overall value proposition to the customer and customers' engagement with E*TRADE. It assesses the performance of balance sheet management segment using metrics such as regulatory capital ratios, loan delinquencies, allowances for loan losses, enterprise net interest spread and average enterprise interest-earning assets. The trading and investing segment offers a comprehensive suite of financial products and services to individual retail investors. The balance sheet management segment serves as a means to maximize the value of its customer deposits, focusing on asset allocation and managing credit, liquidity and interest rate risks. The Company's trading and investing segment competes with full commission brokerage firms, discount brokerage firms, online brokerage firms, personal finance start-ups, Internet banks and traditional "brick & mortar" retail banks and thrifts. The balance sheet management segment competes with all users of market liquidity. E*TRADE, E*TRADE Financial, E*TRADE Bank, Equity Edge, OptionsLink and the Converging Arrows logo are registered trademarks of the Company. The Company's business is subject to regulation by U.S. federal and state regulatory agencies and various non-U.S. governmental agencies and self-regulatory organizations, including, for example, central banks and securities exchanges, each of which has been charged with the protection of the financial markets and the protection of the interests of those participating in those markets.