SAN FRANCISCO Charles Schwab & Co. said Friday that the continued slowdown in the markets may force it to cut more staff.
The company has already slashed 13% of its work force this year.
In light of prevailing business conditions, the company continues to evaluate its operations and expense structure, including its project and media spending, Schwab said in a quarterly filing with the Securities and Exchange Commission. Further restructuring initiatives, including additional work force and technology capacity reductions, are likely to result in additional charges during the second half of 2001.
Putnam Lovell Securities and Merrill Lynch & Co. both cut third-quarter and full-year estimates for Schwab on Friday.