Schwab Cut Pay of 2 Top Officers by 93% in 2001

Charles Schwab Corp. slashed the pay of its two top executives 93% last year, when the San Francisco-based discount brokerage firm fired about 6,000 employees as earnings fell.

Charles Schwab and David Pottruck, the firm’s co-chief executives, each earned $650,000 in 2001. They each had earned $8.9million in salary and bonus in 2000. The executives also were granted stock options valued at about $13 million, assuming a 5% gain in each of the next 10 years.