The board of Charles Schwab, the online US broker, has forced out David Pottruck as chief executive after clients pulled $6bn (€4.8bn) from the business.

Pottruck said: "The last few years have been difficult in the securities markets, and I accept the board's decision that it is time for me to step aside. It's been a great journey. After taking some time off with my family, I'll start thinking about the next step in my career."