Speaking at a financial services conference hosted by Scotia Capital in Toronto, TD Ameritrade CEO Fred Tomczyk offered his thoughts on a possible acquisition of E*Trade Financial.  While answering a question on the competitive landscape in the U.S., Mr. Tomczyk said that TD Ameritrade isn’t interested in acquiring the assets of E*Trade.  Such a transaction didn't make obvious strategic and financial sense, given their issues, particularly with respect to their assets.  

Back in July, The Wall Street Journal reported that Ameritrade’s board planned to discuss a possible run at buying E*Trade.  Meanwhile, analysts have long speculated that the Omaha, NE-based TD Ameritrade, which is 43.8% owned by Canada’s Toronto-Dominion Bank (TD), is a potential acquirer of E*Trade based on the similarity in their business models and the allure of E*Trade’s brokerage clients - notwithstanding E*Trade's ongoing issues with a troubled mortgage portfolio.  

TD Ameritrade, which is 43.8% owned by Canada’s Toronto-Dominion Bank (TD), said that there's little interest in the assets.  At best, Mr. Tomczyk saw TD only paying a reasonable price, not an optimistic price in such a deal, for E*Trade factoring in its significant issues.

Citadel LLC, which is E*Trade's largest shareholder, last month hired Goldman Sachs Group to conduct a review of strategic alternatives.    [Associated Press, 9/7/11]