The Charles Schwab Corp. today sent an email to its employees announcing more job cuts, bringing the total staff reduction to approximately 25% by the end of the year. A mistaken estimate of the duration of the prevailing economic downturn resulted in inadequate reductions earlier this year.

"In general, over the course of this summer, we have continued to be surprised by the depth of investor reluctance to reenter the market and I don’t think we’re alone in that, nor are we alone in the impact that is has. It is clear that investor sentiment continues to remain depressed," said Glen Mathison, a spokesman.

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