Summary by Moomoo AI
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