Charles Schwab Corp., San Francisco, said its daily average revenue trades for July 2001 were down 43% from July 2000, and 10% from June 2001. Poor market conditions and a continuing downturn in trades, may lead to restructuring and more layoffs, said CFO Christopher Dodds, in a statement.
“Given the prevailing environment, we are assessing the appropriate level of further restructuring initiatives,” he said.
The company had 26,700 employees at the beginning of 2001, and had pared down to 22,400 by the end of June.
Cutbacks in project and media spending would be part of the restructuring initiatives. Spending on technology would also be reduced. Restructuring would occur in September and October, said reports.
Network
