The big news this morning is JP Morgan's higher-than-expected profits. But discount broker Charles Schwab also released its earnings today, and they're a bit more sobering: the bank posted profits of $205 million, down 31 percent from last year's $295 million.
The news comes as the troubled firm has entered restructuring, citing low interest rates and stock prices amid the recession. The company also turned down TARP funding.
Charles Schwab is known for offering brokerage services with lower commissions and fees — meaning it makes it easier for the little guy to access the market, largely via telephone or the web. Juggernauts like Goldman and JP Morgan may be posting large profits, but it could mean more to average Americans to see more accessible institutions — the ones they deal with every day— recover.
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