Charles Schwab will lay off 1,800, or approximately 10% of its current 18,000 workforce, as part of ongoing measures to save $225 million a year, the firm announced. This latest round of cuts comes on top of the elimination of 7,500 staff since the beginning of last year [see MFMN 8/19/02].

As to whether the layoffs will affect Schwab's mutual fund supermarket, OneSource, a Schwab spokesman said that has not yet been determined.

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