Tuesday, Jan. 18, 2005 | 9:14 a.m.
SAN FRANCISCO -- Charles Schwab Corp.'s fourth-quarter profit dropped 64 percent, reflecting the toll of the latest reorganization aimed at reinvigorating the long-slumping stock brokerage.
The San Francisco-based company said today that it earned $53 million, or 4 cents per share, during the three months ended in December. That contrasted with net income of $148 million, or 11 cents per share, during the same 2003 period.
Revenue for the period totaled $1.06 billion, unchanged from the prior year.
Schwab absorbed $111 million in restructuring charges during the quarter as the company continued to jettison workers to cuts costs so it can afford to lower its brokerage commissions and other fees.
archive
