"Charles Schwab Stock Drops as CEO Announces Downsizing"

Charles Schwab's stock dropped nearly 9% after CEO Walt Bettinger announced plans to downsize the firm to maintain profitability, relying on off-balance sheet deals with partners. The company reported 985,000 new brokerage accounts in Q2, below expectations, and posted adjusted EPS of 73 cents on $4.69 billion in revenue, in line with analysts' estimates.