According to the financial service provider, the 53 year-old previously worked at the bank for 30 years on a range of products including investment products and consumer finance.
Mr Freiberg also worked as CEO and chairman of Citirgroupâs Citi Cards and Investment Products units.
Robert Druskin, chairman at E*Trade, explained that the company had employed the executive due to his âextensive experienceâ in developing business strategy and working on consumer finance.
Mr Freiberg said: âE*TRADE is an extraordinary company with a powerful brand and a compelling customer value proposition.
âBob Druskin and Don Layton, his predecessor, did a terrific job leading the company through very challenging times and positioning the organization for success.â
Mr Druskin, who has been interim CEO, will continue to remain on E*Tradeâs board as chairman.
Meanwhile, the company is also looking for the approval of shareholders to implement a 1-for-10 reverse stock split.
A vote on the issue, which would reduce the number of shares to 400 million, will be held at the firmâs forthcoming annual general meeting in May.
By Jim Ottewill