E*Trade to cut debt by $340 million in restructuring

NEW YORK, March 2 (Reuters) - E*Trade Financial Corp , the discount broker and bank that almost collapsed during the financial crisis, said Monday it is retiring $800 million of debt due in 2019 and issuing $460 million of new eight-year notes at a lower interest rate. The debt restructuring will reduce E*Trade's interest costs by about $30 million a year and cut its debt outstanding by $340 million to a 10-year low of $1 billion. Company executives set the billion-dollar debt goal last