Charles Schwab's Q4 Performance: Declining Assets and Profit Squeeze
Charles Schwab Corp. reported declines in profit, new assets, and deposits in the fourth quarter, with net new assets falling 48% to $66.3 billion and net income dropping by almost half. Bank deposits declined 21% to $290 billion, and the company's total retail brokerage accounts fell short of analyst estimates at 34.8 million, as it navigated a tough year of interest rate hikes.