Cutting Ties: Schwab leaves BankAmerica

Schwab leaves BankAmerica

The announcement was bland enough: Charles Schwab, probably the country's best-known discount broker, resigned last week from the 15-member BankAmerica board "to devote undivided time and attention" to the brokerage firm bearing his name, which he sold to the same bank in 1983. But in fact the move had more subterranean implications for the No. 2 banking company in the U.S., which shocked the investment world last month with a second-quarter loss of $640 million. Schwab's sudden departure seemed to be another sign of a muted power struggle at the huge (assets: $117 billion) San Francisco-based bank. At issue is the...

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