Charles Schwab Stock Plummets Amid Plans to Downsize and Falling Revenue
TL;DR Summary
Charles Schwab's stock dropped nearly 9% after CEO Walt Bettinger announced plans to downsize the bank to maintain profitability, relying on off-balance sheet deals with partners. The company reported 985,000 new brokerage accounts in Q2, below expectations, and posted adjusted EPS of 73 cents on $4.69 billion in revenue, in line with forecasts.
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