Charles Schwab rides massive jump in retail trading activity to beat Q3 expectations

Charles Schwab beat Wall Street’s expectations for the third quarter after a massive jump in retail trading activity pushed assets higher by 48%. In its Q3 earnings report released Thursday, Schwab said its total net new assets climbed to $134.4 billion, topping analysts’ projections of $130.2 billion for the three months ending in ￰0￱ company’s daily average revenue trades surged by 30% to $7.42 trillion, outpacing the forecast of $7.25 ￰1￱ Rick Wurster said that “strengthening organic growth trends, increasing adoption of wealth solutions, and favorable macroeconomic tailwinds powered another quarter of record revenue and earnings per share.” Schwab said this performance was supported by a steady rise in client engagement and strong inflows into both traditional and digital investment ￰2￱ demand fuels record client activity for Schwab The number of new brokerage accounts opened during the quarter topped 1 million, marking the fourth straight quarter that Schwab reached that ￰3￱ said that last month that retail investors are increasingly demanding access to private companies, as many firms stay private longer before going ￰4￱ CEO said Schwab is exploring new ways to offer clients more exposure to investments like that, in order to attract even more retail ￰5￱ firm also said it plans to add 16 new branches and expand or relocate 25 existing locations, reinforcing its hybrid model that combines online access with in-person service.

Schwab’s results landed the same week major Wall Street banks posted their own third-quarter ￰6￱ the week, Cryptopolitan has reported earnings from Wall Street giants, like Morgan Stanley also saw massive gains from strong market activity, with its global wealth-management revenue hitting $8.2 billion, exceeding analyst ￰7￱ saw a $6.51 billion revenue figure, up 25% year-over-year, driven largely by $205 billion in total net ￰8￱ JPMorgan said its net income climbed 12% from a year earlier to $14.39 billion, equal to $5.07 per share, beating the $4.84 per-share forecast from LSEG. Meanwhile, Schwab’s stock has surged by 3% at press time, showing investor reaction to its earnings ￰9￱ in July, it announced a $20 billion stock-buyback program, part of a broader effort to return value to ￰10￱ the third quarter, it repurchased 28.9 million shares worth $2.7 billion, signaling confidence in its long-term growth ￰11￱ smartest crypto minds already read our ￰12￱ in?

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