Merrill Lynch Net Climbs 53 Percent, While Schwab's Drops
Wall Street Journal (10/18/00) Vol. 104, No. 41 p.C23; Smith, Randall

Merrill Lynch bested Charles Schwab in third-quarter net income, posting a 53 percent increase against a 1.3 percent drop for Schwab. Merrill Lynch attributed its third-quarter performance to cutbacks that helped boost profit margins. The maneuver pushed Merrill's earnings to $885 million, or 94 cents a diluted share, up from $579 million, or 67 cents a share, during the same period the year before. Conversely, net income for Schwab fell to $142.3 million, or 10 cents a diluted share, down from $144.2 million, or 11 cents a share. Schwab was hurt by a combination of lower stock-trading commissions and profits and costs stemming from two recent acquisitions.

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