Charles Schwab Corporation has announced that its net income was $205 million for the second quarter of 2009, down 31% from the second quarter of 2008. The company’s second quarter results include $40 million in pre-tax charges relating to its previously announced expense reduction measures and a $16 million FDIC special industry assessment.
For the six months ended June 30, 2009, the company’s net income was $423 million, down 30% from the year-earlier period.
Charles Chairman of Schwab, said: “Our long-term success comes from staying focused on our clients and their needs throughout market cycles. Right now, we have an opportunity to both strengthen existing relationships and attract new clients by offering great value across our range of products and services, and providing the perspectives and guidance investors need to move forward in such a tough environment.”
“Making the most of this opportunity means continuing to invest in our clients while maintaining the solid financial performance expected from Schwab as a stable, sound institution. The company’s second quarter results reflect our ongoing success in striking that balance,” he added.
