Struggling Schwab slashes charges
12 April 2012
HARD-hit discount broker Charles Schwab is slashing UK dealing charges by up to 60%. The world's largest online and discount broker, hit by the drop-off in trade by small investors, wants to snatch business from other brokers.
Charges will now depend on the number of trades an investor makes in the preceding quarter. More than one trade a week will lead to dealing charges falling 20-60%, it said.
Schwab estimates half of all trades placed with it will benefit. It predicts its active customers will save more than £1m in the first year.
