Let $H$ be a Hilbert space, on which $P,Q$ be projection operators. Let $S:=\mathcal{R}(P)\cap\mathcal{R}(Q)$ be the intersection of ranges, then it is easy to show the orthogonal complement $S^{\bot}$ is an invariant subspace of $PQP$. The question is how to show $||PQP|_{S^{\bot}}||<1$ , if $S^{\bot}$ is finite-dimensional?
Sorry to have modified the problem. I made mistake and found out that if $PQ=QP$, which means $PQ$ is also projection on $H$, then $PQP$ shall vanish, but generally it does not, and should have the above norm estimate but I am not sure how to get it anyway.