Schwab, Piper Jaffray

Second-quarter profits edged up 1% at The Charles Schwab Corp. to $295 million, or 26 cents a share.
JUL 16, 2008
Second-quarter profits edged up 1% at The Charles Schwab Corp. to $295 million, or 26 cents a share, from $292 million, or 23 cents per share. The San Francisco-based brokerage firm said the number of active brokerage accounts increased 5%, while total assets increased 1% to $1.4 trillion. Asset management and administration fees rose 5% to $618 million. Minneapolis-based Piper Jaffray & Co. recorded a loss of $3.6 million, or 23 cents per share, for the second-quarter as investment-banking revenue fell 57% to $32.2 million, from $74.9 million a year earlier. The company posted $4.7 million in asset management revenue for the quarter, compared with nominal revenues in the year-earlier period.

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