-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 TlNfAK7sX9hikHOo8yKyTQxC3AfYLPIBbir5Vcaxd9TRZByVqxKQKyvw8aW58XSE
 gKB6UFxKIeGrNi5ixlVUUA==

<SEC-DOCUMENT>0000950103-08-002385.txt : 20080922
<SEC-HEADER>0000950103-08-002385.hdr.sgml : 20080922
<ACCEPTANCE-DATETIME>20080922060312
ACCESSION NUMBER:		0000950103-08-002385
CONFORMED SUBMISSION TYPE:	4/A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080912
FILED AS OF DATE:		20080922
DATE AS OF CHANGE:		20080922

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			E TRADE FINANCIAL CORP
		CENTRAL INDEX KEY:			0001015780
		STANDARD INDUSTRIAL CLASSIFICATION:	SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
		IRS NUMBER:				942844166
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		135 E. 57TH STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		6503316000

	MAIL ADDRESS:	
		STREET 1:		135 E. 57TH STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	E TRADE GROUP INC
		DATE OF NAME CHANGE:	19960531

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			NOLOP BRUCE P
		CENTRAL INDEX KEY:			0001204539

	FILING VALUES:
		FORM TYPE:		4/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11921
		FILM NUMBER:		081081387

	BUSINESS ADDRESS:	
		STREET 1:		C/O PITNEY BOWES
		STREET 2:		1 ELMCROFT ROAD
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06926-0700
		BUSINESS PHONE:		203-351-7000

	MAIL ADDRESS:	
		STREET 1:		C/O PITNEY BOWES, INC.
		STREET 2:		1 ELMCROFT RD, M.S.C. 65-25
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06926
</SEC-HEADER>
<DOCUMENT>
<TYPE>4/A
<SEQUENCE>1
<FILENAME>dp11380_4ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4/A</documentType>

    <periodOfReport>2008-09-12</periodOfReport>

    <dateOfOriginalSubmission>2008-09-15</dateOfOriginalSubmission>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001015780</issuerCik>
        <issuerName>E TRADE FINANCIAL CORP</issuerName>
        <issuerTradingSymbol>ETFC</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001204539</rptOwnerCik>
            <rptOwnerName>NOLOP BRUCE P</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>135 E. 57TH ST.</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Financial Officer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Option Grant</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>3.21</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2008-09-12</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>946253</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2015-09-12</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>946253</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>946253</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Under terms of the employment agreement between Mr. Nolop and the Company, the Board of Directors approved the grant to Mr.
 Nolop of stock options with a value on the date of grant of $1.75 million, as determined by the Company under its practices
 for recognizing compensation expense under FAS123R.  Due to an administrative error, the number of options was incorrectly
 calculated when reporting the number on the Form 4 filed on September 15.  The number reported in this Form 4A is the
 correct number of options.</footnote>
        <footnote id="F2">5/14 of the stock option award will vest on 12/31/09, 6/14 vest on 12/31/10 and 3/14 vest on 12/31/11.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Russell S. Elmer, Attorney-in-Fact for Bruce P. Nolop</signatureName>
        <signatureDate>2008-09-19</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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