E*Trade Financial Corp. reported a third-quarter loss Thursday after recording charges during the period related to the termination of its wholesale funding obligations.

The online brokerage firm reported a net loss of $153 million, or 53 cents a share, compared with net income of $86 million, or 29 cents a share, in the same period a year ago. Revenue came to $73 million after $370 million of losses related to the debt termination. Excluding the charges, net income would have been $98 million, or 33 cents a share, and revenue would have totaled $443 million.

Analysts surveyed in a poll by Thomson Reuters had projected per-share earnings of 29 cents and revenue of $446 million.

E*Trade also announced that President Navtej Nandra will leave the firm at the end of the year and that it will record a charge of approximately $6 million in the fourth quarter in connection with his departure. Mr. Nandra joined the brokerage company in 2013. The company doesn't intend to fill the position.

In September, E*Trade announced plans to eliminate all of the $4.4 billion of wholesale funding obligations from its bank balance sheet by quarter-end. The restructuring was the company's latest in a series of moves to pay down debt and refinance in recent years.

Chief Executive Paul Idzik said the move was an "important leap forward on the capital front" and will create opportunities for more balance sheet growth funded by customer deposits.

E*Trade added 19,000 net new brokerage accounts in the quarter, down from 24,000 a year ago, and brought in $2.1 billion in net new brokerage assets from its customers, down from $2.3 billion a year ago. Total customer assets fell to $276.6 billion from $281.7 billion a year ago. Commissions, fees and service charges and other revenue was $170 million, up slightly from $167 million a year ago.

Trading volume also increased in a seasonally slow quarter as daily average revenue trades rose to 156,000, up 2% from a year ago. In the midst of global growth fears roiling the markets this summer, E*Trade's retail customer base logged an record trading day in August, executing 394,000 trades in one day.

Rival Charles Schwab Corp. reported last week higher profits on the strength of market turbulence that resulted in a record number of client revenue trades. TD Ameritrade Holding Corp. will report earnings next week.

Write to Daniel Huang at dan.huang@wsj.com

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(END) Dow Jones Newswires

October 22, 2015 17:15 ET (21:15 GMT)

Copyright (c) 2015 Dow Jones & Company, Inc.
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