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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 IBitqToqY/tYC4PKYdpFCppcnXHXvTxMnvVFaNSfbUg7LraSYQDXTxlbazTXxsbS
 M1NLsmErnHX2POgJ9WQcvA==

<SEC-DOCUMENT>0001181431-04-034045.txt : 20040702
<SEC-HEADER>0001181431-04-034045.hdr.sgml : 20040702
<ACCEPTANCE-DATETIME>20040702180934
ACCESSION NUMBER:		0001181431-04-034045
CONFORMED SUBMISSION TYPE:	4/A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040702
FILED AS OF DATE:		20040702

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			GELBARD ARLEN W
		CENTRAL INDEX KEY:			0001197947

	FILING VALUES:
		FORM TYPE:		4/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11921
		FILM NUMBER:		04901000

	BUSINESS ADDRESS:	
		STREET 1:		4500 BOHANNON DR
		CITY:			MENLO PARK
		STATE:			CA
		ZIP:			94025
		BUSINESS PHONE:		6503316000

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			E TRADE FINANCIAL CORP
		CENTRAL INDEX KEY:			0001015780
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		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
</SEC-HEADER>
<DOCUMENT>
<TYPE>4/A
<SEQUENCE>1
<FILENAME>rrd46742.xml
<DESCRIPTION>FORM 4/A  DATED 05/25/2004
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4/A</documentType>

    <periodOfReport>2004-07-02</periodOfReport>

    <dateOfOriginalSubmission>2004-05-25</dateOfOriginalSubmission>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001015780</issuerCik>
        <issuerName>E TRADE FINANCIAL CORP</issuerName>
        <issuerTradingSymbol>(ET)</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001197947</rptOwnerCik>
            <rptOwnerName>GELBARD ARLEN W</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O E*TRADE FINANCIAL CORPORATION</rptOwnerStreet1>
            <rptOwnerStreet2>135 E. 57TH STREET</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 Banking Officer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2004-05-25</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2004-05-25</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>49283</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>11.145</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>281904</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">This amendment is being filed because the original Form 4 incorrectly noted the vesting schedule of this grant of restricted stock.  This grant of restricted stock was issued pursuant to the E*TRADE Financial Corporation 1996 Stock Incentive Plan.  The individual's right to retain these shares vests in four (4) equal annual installments beginning on the first anniversary of the date of grant.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Russell S. Elmer</signatureName>
        <signatureDate>2004-07-02</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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