On January 17, 2024, Charles Schwab Corporation released its financial results for the fourth quarter of 2023, reporting a net income of $1.0 billion, a decrease from $2.0 billion in the same quarter of the previous year. The full-year net income also declined to $5.1 billion from $7.2 billion in 2022. The company experienced a 19% decrease in net revenues for the quarter and a 9% decrease for the year. Despite the downturn, the company saw a record $8.5 trillion in total client assets at year-end, a 21% increase. CEO Walt Bettinger highlighted the successful Ameritrade integration, with 90% of client assets and accounts transitioned, and the addition of 3.8 million new brokerage accounts. Schwab also reported progress in strategic initiatives, including cost savings beyond Ameritrade synergies and a workforce reduction of...Show More

On January 17, 2024, Charles Schwab Corporation released its financial results for the fourth quarter of 2023, reporting a net income of $1.0 billion, a decrease from $2.0 billion in the same quarter of the previous year. The full-year net income also declined to $5.1 billion from $7.2 billion in 2022. The company experienced a 19% decrease in net revenues for the quarter and a 9% decrease for the year. Despite the downturn, the company saw a record $8.5 trillion in total client assets at year-end, a 21% increase. CEO Walt Bettinger highlighted the successful Ameritrade integration, with 90% of client assets and accounts transitioned, and the addition of 3.8 million new brokerage accounts. Schwab also reported progress in strategic initiatives, including cost savings beyond Ameritrade synergies and a workforce reduction of 6%. CFO Peter Crawford discussed the impact of the Federal Reserve's interest rate policy and the regional banking crisis on the company's financial performance. Schwab's balance sheet shrank by $59 billion due to client cash realignment, and the company suspended its stock buyback program to build capital ratios. Despite challenges in 2023, Schwab remains focused on meeting client needs and delivering long-term shareholder value.