Schwab attracted new accounts and client assets in the third quarter, but profit fell 34 percent to $200 million, or 17 cents per share. Revenue fell 19 percent, to $1.01 billion. The San Francisco-based brokerage said asset management and administration fees declined 24 percent, due in part to $78 million in fees waived as part of an effort to win clients. Net interest revenue fell 34 percent year-over-year, to $294 million, as rock-bottom interest rates cut investment returns.
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