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Head of Schwab's Brokerage Unit Quits

April 09, 1998| Bloomberg News

Charles Schwab Corp. said its brokerage unit president and chief operating officer, Timothy McCarthy, resigned, six months after being named to head the division. McCarthy, 46, said he quit to seek work with buyout firms, or companies that take stakes in other firms, help them grow and seek to sell them later for a profit. Schwab, the biggest U.S. discount broker, said it hasn't named a replacement. "It definitely raises some questions when you see someone leave that quickly, especially after being named to the No. 3 spot" at Schwab, said analyst Michael Sears. Shares of San Francisco-based Schwab have slumped this year after the brokerage lowered prices on trading, cutting commission revenue, its main source of income. Schwab shares rose 56 cents to close at $38.88 on the New York Stock Exchange.

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