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 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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