Charles Schwab Shares Fall; Competitors Show Wider Slide

   By Allison Prang

Shares of Charles Schwab Corp. (SCHW) declined Tuesday and its competitors' shares took even more of a hit after Schwab said it was no longer going to charge commissions on options, stocks and exchange-traded funds on exchanges in the U.S. and Canada.

Schwab shares fell 8.4%. Shares of TD Ameritrade Holding Corp. (AMTD) fell 21% and shares of E*Trade Financial Corp. (ETFC) fell 17%.

Schwab Chief Financial Officer Peter Crawford said this change in commissions comes out to between about 3% to 4% of the company's net revenue, or between about $90 million to $100 million.

Schwab's announcement applies to options, ETFs and stocks traded on the web or via mobile. The company said that options traded by clients will still cost 65 cents for each contract.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

October 01, 2019 10:58 ET (14:58 GMT)

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