Schwab Clients Lost $92 Billion
Thursday, December 14, 2000
Charles Schwab, considered the biggest online brokerage firm, says its clients lost $92 billion in November as the Nasdaq experienced its biggest monthly drop in 13 years. Schwab says it had $861 billion in client assets at the end of last month, compared to $944 billion at the end of October. While client assets briefly topped $1 trillion - a long-held company goal - at the end of August, sinking markets have sent that number spiraling. Since August, Schwab clients have lost $172 billion. Company president David Pottruck partially attributes the loss to the undecided presidential election. "During November, securities markets and retail trading activity were affected by election-related uncertainty, as well as signs of a slowdown in corporate earnings and the economy." Still, Schwab clients averaged 194,000 commission-producing trades each day in November, down just 4.4 percent from 230,000 made during the previous month.
reported by Kathleen Haney
Digitrends Online |
