Charles Schwab Corp. had second-quarter net income of $98 million, down from the $102 million it realized one year ago. Its revenue fell from $1.07 billion to $1.05 billion during the same period.
The results include gains and expenses related to Schwab’s sale of its U.S. Trust corporate trust business. U.S. Trust provides wealth-management consulting services.
The San Francisco-based company opened 225,000 new brokerage accounts during the second quarter and logged 8 million active accounts at the quarter’s end, up 4% from second quarter 2001. The quarter ended June 30.
In comparison, Merrill Lynch & Co., an investment firm based in New York, saw its revenue slip from $5.09 billion a year ago to $4.95 billion during second-quarter 2002. Its net earnings fell from $647 million to $634 million. Merrill Lynch’s quarter ended June 28.
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