Schwab report intensifies fears on Wall Street

NEWS A report issued by Charles Schwab has increased unease on Wall Street after last week's terrorist attacks. The report on customer stock buying activity by the world's largest online and discount brokerage stated that interest in share buying will fall even further from its current uneventful levels. Total client trades were down 30 per cent in August from last year. Losses are definitely expected as a result of the stock market disturbance last week, details of which are not yet known. Schwab is expected to report earnings of six cents per share according to analysts, as the company closed yesterday down 5.5 per cent, or 56 cents, to $9.45. Christopher Dodds, CFO at Schwab, said quarterly revenues may drop by $20m when the Schwab office that was located in the World Trade Center is added to current revenue problems. Charles Schwab Europe has appointed Craig Walling from ZonaFinanciera.com as its new CEO, replacing Bob Dust who is returning to the organisation's San Francisco office.