NEW YORK — Charles Schwab Corp.'s first-quarter profit plunged by nearly a half from a year ago, as low interest rates and a trading decline of nearly one-fifth weighed on results at the discount brokerage.

Schwab, meeting its own forecast, waived $125 million in fees on its money market funds, cutting into its asset management and administration fees, which dropped by 16% from a year ago. With continued low rates, Schwab has waived those fees so that clients' returns don't turn negative.

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