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Charles R. Schwab: Analysts
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The last chapter, "Unfinished Business," concludes by looking squarely at some areas where Schwab has underperformed. International markets, for instance. Why has Schwab failed so utterly to find any traction for its brand in overseas markets? The chapter scrutinizes some management practices that concern investors and analysts. Foremost among these is Schwab's succession policy. It doesn't seem to have one, and that worries everyone with a stake in the company's future.
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Schwab's support wasn't enough to save Grams, who lost his bid for re-election in November. But the broker has continued his campaign to divert public tax dollars to the private markets, calling for a frank discussion of Social Security "without the fear-mongering rhetoric that typically surrounds the issue." If George W. Bush's privatization plans are approved by Congress, says analyst Charles Gabriel of Prudential Securities, Schwab would benefit from the boom in trading volume.
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Mr. Schwab said yesterday that the company expected to cut $150 million to $200 million in costs, but some analysts were skeptical that the trims would have much effect. The company has taken more than a dozen restructuring charges in just more than three years, Mark Constant, an analyst at Lehman Brothers, said in a report yesterday. Schwab has reduced its work force by more than one-third since 2001 through several rounds of layoffs and attrition.
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