Schwab Posts a Loss of $4 Million
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Charles Schwab Corp. reported its second quarterly loss in less than a year, as the costs of shrinking its once-thriving online stock brokerage continued to pile up.
The San Francisco-based company posted a third-quarter loss of $4 million, which broke even on a per-share basis. At the same time last year, Schwab earned $13 million, or 1 cent a share.
The loss included $160 million in charges to pay for another round of mass layoffs and expenses stemming from the closure of offices that Schwab no longer needs. If not for those charges, Schwab said, it would have posted a profit of $96 million, or 7 cents a share.
Schwab’s shares surged 92 cents, or 10%, to $9.79 on the NYSE.
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