Charles Schwab Corp.'s third-quarter net income plunged 80%, it said Wednesday, by comparison with the year earlier, when gains from the $3.3 billion sale of U.S. Trust were booked and its customers put $24 billion into their accounts.

The discount broker reported net income of $304 million, or 26 cents a share, down from $1.53 billion, or $1.28 a share, a year earlier. Last year's results included a $1.01 a share gain from the sale of its private banking unit to Bank of America Corp.

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