[ by Melanie Gretchen ]

E*Trade Financial Corp. has fired over 200 employees in the past 3 months, setting a "take no prisoners" approach by new CEO Paul Idzik who joined E*Trade less than 3 weeks ago on 1/22.   This week, 40 employees were dismissed this week, including some heavy hitters.  The online brokerage had a workforce of 3,088 as of 12/31, down 9% from 3,407 a year earlier.

For the record, E*Trade has had more Chief Executives - Mr. Idzik is the 7th since 2007 - than George Steinbrenner had managers during the Yankees fallow years.  Two days coming on board, Mr. Idzik increased the firm's cost-cutting target from $100 million to $110 million;  $80 million of the savings are expected to come from "compensation and professional services." The layoffs stem from E*Trade's efforts to recover from mortgage-related losses that have weighed down its results over the past 5 years.