Charles Schwab Corp. is reducing its trading commissions and unveiled new portfolios of exchange-trade funds available through a fee-based advisory program.

The move comes as investors have been fleeing stock-based funds for bond funds and other investments, and as trading volume overall has been declining in recent months.

Schwab estimates that the pricing changes could reduce first-quarter revenue by $15 million to $20 million, or up to 2% of typical quarterly revenue. Schwab plans to charge all individual investors $8.95 per online trade starting Jan. 19, while currently those with a balance of less than $1 million and fewer than 120 trades a year are charged at least $12.95.

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