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Quarterly profit plummets

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.

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