On top of the 9,000 it has already laid off and the 23 branches it has already shut down since 2001, Charles Schwab will lay off another 250 people and close 20 branches. This will result in charges of $35 million to $50 million in the second half of the year.
In the first quarter of the year, Schwab reported a 22% decline in trading volume and a 24% drop in profits to $71 million, the firm's weakest quarter in four years. But in the second quarter, Schwab's profits rose 29% from the year earlier, to $126 million.
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