Schwab Books First Net Loss in 14 Years Reuters Online (01/15/02) Vol. 32, No. 1 p.A20; Cresci, Greg
Charles Schwab Corp. posted the company's first net loss in 14 years following a tough fourth quarter that was marked with a steep fall-off in customer stock trading and massive layoffs. The discount brokerage giant posted a fourth-quarter loss of $13 million, or 1 cent per share, down from the fourth-quarter performance the previous year of $139 million, or 10 cents a share. Schwab cited costs stemming from acquisitions and staff cuts that amounted to $175 million during the period, which marked the first time since 1987 that Schwab ended a quarter in the red.