UPDATE 1-E*Trade to cut debt by $340 million in restructuring

(Adds details on balance-sheet cash and current stock price) NEW YORK, March 2 (Reuters) - E*Trade Financial Corp , the discount broker and bank that almost collapsed during the financial crisis, said on Monday it was 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 $
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