By Tony Hallett, 16 January 2002 07:14
NEWS Charles Schwab, the online and telephone stockbroker, is retreating behind a domestic beachhead to weather the ongoing downturn in share trading. The company, yesterday reporting its first quarterly net loss since the late eighties, has said it will broaden its reach in the US. At the same time, however, it has recently closed offices in Australia and Japan and made cuts in the UK, Hong Kong and Latin America. In all, it cut about a quarter of its workforce in 2001.
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