The brief is to create a new brand identity for the company, with the view to making it a distinguishable financial services brand across Europe. The digital remit will be supported by an integrated through-the-line campaign.
ETrade, which offers online services including banking, investing and online trading, formerly worked with the financial marketing agency Tidalwave, and was one of the first advertisers on CNBC's subscription-based website that launched in December.
A spokesman for ETrade confirmed the pitch was in progress. Media, which is handled by Carat, is unaffected by the review.
ETrade was founded in 1982 by William Porter and Bernard Newcomb, and became known as ETrade in 1992.
A year later, it debuted on CompuServe as an online trading service, and has since grown primarily in North America.