Brokerages: Two investment houses reported higher third-quarter...
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From Times Staff and Wire Reports
Brokerages: Two investment houses reported higher third-quarter earnings despite an eroding stock market. New York-based Merrill Lynch & Co. said its profit totaled $46.1 million, up 12% from the same period a year ago. Revenue advanced slightly to $2.8 billion. San Francisco-based Charles Schwab Corp. said net income rose 56% to $7.2 million. Revenue increased 16% to $164.8 million. Both firms credited increased investor activity.
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