Charles Schwab nets $53B in assets, second highest March in history
Financial firm ‘extremely confident in current progress and long-term future’
Banking crisis erased cuts Fed made to its balance sheet: Vance Ginn
Former Chief White House Budget Office economist Vance Ginn analyzes the U.S. economy as the jobs market 'struggles' and inflation remains problematic on 'Cavuto: Coast to Coast.'
Charles Schwab said on Thursday that new client assets reached the second-best mark in company history last month, netting $53 billion.
The financial services and brokerage firm also said deposit flows "remained fairly consistent" despite market turmoil and the ongoing banking crisis.
CHARLES SCHWAB SAYS IT COULD RIDE OUT A DEPOSIT FLIGHT
"Of course, the Fed’s actions to decrease the money supply and raise interest rates will naturally increase our cost of funding and consequently have some impact on earnings," Schwab said.
"While the first quarter was a challenging time, reflecting negative investor sentiment, ongoing interest rate hikes, and regional banking turmoil, Schwab’s client-centric growth model remains firmly intact and is performing well," the company added in the statement.
Charles Schwab logo displayed at a location in the financial district in New York, Mar. 20, 2023. (Reuters/Brendan McDermid / Reuters Photos)
CHARLES SCHWAB SHARES TRIM LOSSES AS CFO DEFENDS FIRM
Earlier this week, the firm earned the highest ranking in investor satisfaction among full-service wealth management firms in the J.D. Power 2023 U.S. Investor Satisfaction Study.
On April 17, Schwab scheduled a company update to include Walt Bettinger, Co-Chairman and Chief Executive Officer, Rick Wurster, President, and Peter Crawford, Chief Financial Officer.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SCHW | THE CHARLES SCHWAB CORP. | 81.39 | -1.37 | -1.66% |