Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Charles Schwab rises after saying it took in over $53B of core net new client assets in March

Published 11/04/2023, 12:06 am
© Reuters.
SCHW
-

By Senad Karaahmetovic

Charles Schwab Corp (NYSE:SCHW) shares are trading about 3.5% higher today after the company issued a business update to address recent market events.

In a blog post written by Charles Schwab, founder and Chairman, and Walt Bettinger, co-chairman and CEO, the company said its “business is extremely robust.”

Charles Schwab took in over $53 billion of core net new client assets in March, which marks the second-highest March performance in its history.

“The diversity of our business remains a strength. For example, our trading and wealth management businesses experienced a very strong first quarter,” it is said in the post.

Moreover, the management said that deposit flows “at Schwab Bank have remained fairly consistent during this tumultuous period” with the average daily outflows below February.

“While the first quarter was a challenging time, for sure, 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 continues to operate from a position of strength with strong current momentum. All of which leaves us extremely confident in our current progress and long-term future,” the management wrote.

SCHW shares are down over 40% year-to-date.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.