Schwab Stock Drops As Client Assets Fall In August -- MarketWatch

MarketWatch · 09/15/2023 13:03

Charles Schwab Corp.'s (SCHW) stock fell 2.5% in premarket trading on Friday after it said average interest-earning assets in August were down 23% from the year-ago period to $449.5 billion and were down 4% from July. On the plus side, Schwab said its Labor Day Weekend conversion of former Ameritrade customers was a "tremendous success" as the company migrated $1.3 trillion in client assets from more than 7,000 registered advisory firms firms and 3.6 million retail accounts. Core net new assets brought to the company excluding Ameritrade was $28.1 billion in August. Total client assets were $8.09 trillion as of month-end August, up 14% from a year ago but down 2% from the previous month.

-Steve Gelsi

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September 15, 2023 09:03 ET (13:03 GMT)

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