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Brijesh Malkan
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Solving the Last Mile Problem in Investment Research

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April 1, 2002

Schwab Prepares For The Return of the Bull?

By Gregory Bresiger

Schwab Capital Markets and Trading, in an attempt to upgrade its institutional coverage, has named a former acting chief executive of Redibook to lead Schwab Capital Markets Equity Division.

Larry Leibowitz, previously a Redibook executive, had been serving as the head of Schwab's proprietary trading and technology since joining the firm in October.

"He will head up an operation that will handle all listed and Nasdaq business as well as several other areas such as equity research," said a spokeswoman for Schwab.

She declined to specify how many sales traders and market makers will be added to Schwab's Jersey City operation. However, the spokeswoman agreed that the operation will be expanding. For example, Leibowitz has hired Jim Raphalian, former head of Nasdaq trading at S.G. Cowen. He is expected to run Schwab's institutional sales, which will be a new position. And Leibowitz himself has said he thinks this could be a good time to expand operations.

Leibowitz contends that the uncertainty in the marketplace can create opportunities for those who are prepared to take bold moves.