Thanks to an increase in customer stock trading and perhaps also because of a lower payroll, Charles Schwab Corp. reported a third-quarter profit of $127 million Tuesday, compared to a $4 million loss at the same time last year, Reuters reports.
CEO David S. Pottruck said, in a statement: "While the third quarter is traditionally one of the slower quarters of the year, the improving environment led to continued strength in client demand for the market wisdom, information, tools and services they expect from Schwab."
Cost-cutting measures by Schwab, the nations No. 1 discount brokerage, may be contributing to the companys revitalized bottom line. Since 2000, the firm has cut about 10,000 jobs to get to its current number, which is just above 16,000.
Not counting a tax benefit and a restructuring charge of $23 million, Schwabs earnings leapt 11 cents per share to $147 million in the year period, slightly above analysts expectations, which were for a 10 cents per share climb.