Mutual funds took in a record $40 billion in September, estimates Lipper. The bulk of these flows went to money market funds while investors in equity funds redeemed. Net outflow in equity funds a record $32 billion while money market fund net inflows hit nearly $65 billion.



Earnings at Charles Schwab Corp. were off 51 percent last quarter from a year ago, but still managed to top analysts' consensus estimates of 5 cents per share. The falloff was due to a drop off at the firm's retail brokerage service. Revenue in that unit fell 42 percent compared to a firmwide drop of 25 percent. Operating income at the firm was $81 million, or 6 cents a share, in the third quarter down from $165 million, or 12 cents a share, a year ago.



Assets in the Fidelity Magellan fund have fallen 23 percent since the start of the year to $71.6 billon. The bulk of the decline is the result of asset depreciation and not redemptions as the fund fell 20.53 percent through the first three quarters of 2001. The decline was in line with the 20.39 percent decline in the S&P 500.



Wall Street is getting more bad news. Merrill Lynch will cut up to 10,000 positions and Goldman Sachs may eliminate 400 senior positions, according to the Wall Street Journal. Bear Stearns is getting ready to let go of 7.5 percent of its staff, the paper added. The 800 job cuts will reportedly hit the firm across the board, but especially in operations.  

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