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In a process of improving the companyâ??s balance sheet, $ETFC is eliminating all of its $4.4Bil of high-cost wholesale funding, thus creating capacity to take on low-cost deposits. In this regard, ETFC will take a pre-tax charge of about $410MM in 3Q15. Given the expected loss, there will be no dividend from the bank to the parent in 4Q15.
No better outlook on $MSFT. Even if the results beat a bit, the stock may move 4 to 6% higher, but won't go above $60.