Schwab Reports Fourth Quarter and Full Year Results

Second Consecutive Year of Record Financial Results Reflects Client Focus and Operating Discipline

Friday, January 16, 2009 5:50 am PST

Dateline:

SAN FRANCISCO

Public Company Information:

NASDAQ:
SCHW

SAN FRANCISCO--(BUSINESS WIRE)--The Charles Schwab Corporation announced today that its income from continuing operations was $308 million for the fourth quarter of 2008, up 1% from the fourth quarter of 2007. For the twelve months ended December 31, 2008, the company’s income from continuing operations was a record $1.2 billion, up 10% from the year-earlier period. The company’s fourth quarter results include $25 million in pre-tax severance charges.

Chairman Charles Schwab said, “Investors needed a trusted ally more than ever during 2008 as they faced a faltering economy, 40% declines in the broad equity indices, and disarray across much of financial services. Schwab’s financial soundness, stability, and relentless client focus have helped us stand out during this storm. We’ve been able to operate from a position of strength and direct all of our skill and energy toward helping our clients navigate the toughest environment in generations.”

  Three Months Ended
--December 31,--
  %   Twelve Months Ended
--December 31,--
  %
Financial Highlights   2008   2007   Change   2008   2007   Change
   
Results from continuing operations (1):

Net revenues (in millions)

$ 1,284 $ 1,345 (5 %) $ 5,150 $ 4,994 3 %
Pre-tax profit margin 39.5 % 39.1 % 39.4 % 37.1 %
Income (in millions) $ 308 $ 305 1 % $ 1,230 $ 1,120 10 %
Diluted earnings per share $ .27 $ .26 4

%

$ 1.06 $ .92 15 %
 
Discontinued operations, net of tax $ - $ 3 N/M $ (18 ) $ 1,287 N/M
Net income (in millions) (2) $ 308 $ 308 N/M $ 1,212 $ 2,407 N/M
Diluted earnings per share (2) $ .27 $ .26 N/M $ 1.05 $ 1.97 N/M
Return on stockholders’ equity (2) 30 % 35 % 31 % 55 %
 

(1)  Prior period amounts are presented on a continuing operations basis to exclude U.S. Trust, which was sold for $3.3 billion on July 1, 2007.

(2)  Prior period amounts reflect a one-time after-tax gain of $1.2 billion on the sale of U.S. Trust.

 
N/M Not meaningful

CEO Walt Bettinger noted, “Our ability to continue building stronger client relationships while setting financial records during such a challenging year reaffirms our confidence in Schwab’s business model and client focus. Net new assets, while pressured by the environment, still totaled $113 billion, new brokerage accounts reached 889,000, up 10% year-over-year, total brokerage accounts rose 5% to 7.4 million, corporate retirement plan participants were up 17% to 1.4 million, and banking accounts ended the year at 447,000, up 71%. These results reflect the dedication of our employees, whose commitment to both great client service and careful expense management made it possible for our 2008 income and earnings per share from continuing operations to reach new highs. Although we face significant revenue challenges as we enter 2009, our priorities are clear – sustaining our focus on client service and relationships; continuing the investments critical to the long-term health and growth of our business; and protecting Schwab’s strength and stability.”

CFO Joe Martinetto commented, “We began 2008 with the S&P 500 index at 1,468 and the Fed Funds rate at 4.25%; we closed the year at approximately 900 and zero. In the face of this deteriorating environment, our ongoing success with clients helped full-year asset management and administration fees stay comparable to 2007, while net interest revenue and trading revenue rose by 1% and 26%, respectively. Sustained expense discipline enabled us to turn the 3% overall revenue increase into a 10% improvement in income from continuing operations and a record 39.4% pre-tax profit margin, as well as a 31% return on equity.”

“With equity valuations and short-term interest rates starting 2009 dramatically lower than a year ago and no positive catalyst currently in sight, we believe we must proceed as if the economic environment will not improve for some time,” Mr. Martinetto continued. “Accordingly, to help support our priorities while offsetting at least some of the likely revenue pressure, we are proceeding with our previously announced effort to reduce expenses significantly, with the current expectation of identifying and implementing cuts totaling 7 to 8% of our 2008 total spending. We are also mindful that the overall mortgage market is another important element of the environment, and that further deterioration in this arena could negatively impact mortgage-backed securities in our investment portfolio; in particular, those holdings backed by Alt-A collateral, a relatively small portion of the total.”

Business highlights for the fourth quarter (data as of quarter-end unless otherwise noted):

Investor Services

  • Net new accounts for the quarter totaled approximately 51,400, down 15% year-over-year. Total accounts reached 5.2 million as of December 31, 2008, up 3% year-over-year.
  • Introduced an enhanced version of Schwab.com®, the company’s main website, which includes improved navigation, a new Accounts Summary page, expanded global research, a new Service tab, and a centralized hub that provides easy access to an assortment of investing tools.
  • Upgraded Schwab’s websites for actively trading clients with bracket order technology, customizable trading alerts, advanced charting tools, intra-day realized gain/loss tracking, direct access shorting and good-until-cancelled capabilities on complex options trades.

Institutional Services

Advisor Services

  • Enhanced the research available to advisors by adding CS First Boston and Ned Davis economic and market commentary, sector highlights, and stock and ETF reports to the Advisor Services website.
  • Introduced the Trust Outsource service, which is designed to provide banks and trust professionals with access to sub-custody capabilities and outsourcing of their back-office securities operations.
  • Finished 2008 with $13 billion in net new assets from over 120 teams who worked with Schwab to establish themselves as newly independent registered investment advisors, up from $9 billion and 114 teams in 2007.

Corporate and Retirement Services

  • Retirement plans converted to Schwab administration during the quarter = 91, with approximately 44,200 participants, compared with 50 plans and approximately 31,300 participants in the fourth quarter of 2007.
  • Inaugurated industry benchmarking reports for third party administrator clients, enabling them to compare participation rates, adoption of products and features, and other metrics, across similar plans.
  • Launched a re-designed version of Schwab Equity Award Center®, including an improved user interface that makes it easier for stock plan participants to view awards, perform transactions and learn about equity compensation.

Products and Infrastructure

  • For Charles Schwab Bank:
    • Balance sheet assets = $25.4 billion, up 72% year-over-year.
    • Outstanding mortgage and home equity loans = $5.9 billion, up 79% year-over-year.
    • First mortgage originations during the quarter = $338 million.
  • Schwab Bank High Yield Investor Checking® ended the fourth quarter with 318,000 accounts and $5.4 billion in balances. These accounts now have access to electronic statements.
  • Introduced The Schwab Bank Invest FirstTM Visa Signature® credit card, which offers best-in-class unlimited 2% cash back on purchases.

Supporting schedules are either attached or located at:
http://www.aboutschwab.com/media/xls/q4_2008_schedule.xls

This press release contains a forward-looking statement relating to expense reductions that reflects management’s current expectations. Achievement of these expectations is subject to certain risks and uncertainties that could cause actual results to differ materially from the expressed expectations. Important factors that may cause such differences include, but are not limited to, the company’s ongoing ability to identify and implement expense savings without disrupting its operations, changes in general economic and financial market conditions, and other factors set forth in the company’s Form 10-Q for the period ended September 30, 2008.

About Charles Schwab

The Charles Schwab Corporation (Nasdaq:SCHW) is a leading provider of financial services, with more than 300 offices and 7.4 million client brokerage accounts, 1.4 million corporate retirement plan participants, 447,000 banking accounts, and $1.1 trillion in client assets. Through its operating subsidiaries, the company provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, http://www.sipc.org), and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through its Advisor Services division. The Charles Schwab Bank (member FDIC) provides banking and mortgage services and products. More information is available at www.schwab.com.

THE CHARLES SCHWAB CORPORATION
Consolidated Statements of Income
(In millions, except per share amounts)
(Unaudited)
             
  Three Months
Ended
December 31,
  Twelve Months
Ended
December 31,
    2008   2007   2008   2007
   
Net Revenues
Asset management and administration fees $ 528 $ 628 $ 2,355 $ 2,358
Interest revenue 423 573 1,908 2,270
Interest expense   (51 )   (132 )   (243 )   (623 )
Net interest revenue 372 441 1,665 1,647
Trading revenue 352 242 1,080 860
Other     32       34       50       129  
Total net revenues     1,284       1,345       5,150       4,994  
Expenses Excluding Interest
Compensation and benefits 402 455 1,667 1,781
Professional services 80 88 334 324
Occupancy and equipment 78 74 299 282
Advertising and market development 62 68 243 230
Communications 56 50 211 200
Depreciation and amortization 39 39 152 156
Other     60       45       216       168  
Total expenses excluding interest     777       819       3,122       3,141  
Income from continuing operations before taxes on income 507 526 2,028 1,853
Taxes on income     (199 )     (221 )     (798 )     (733 )
Income from continuing operations 308 305 1,230 1,120
(Loss) income from discontinued operations, net of tax     -       3       (18 )     1,287  
Net Income   $ 308     $ 308     $ 1,212     $ 2,407  
Weighted-Average Common Shares Outstanding — Diluted     1,158       1,167       1,157       1,222  
Earnings Per Share — Basic
Income from continuing operations $ .27 $ .26 $ 1.07 $ .93
(Loss) income from discontinued operations, net of tax

$

-

$ .01 $ (.01 ) $ 1.06
Net income $ .27 $ .27 $ 1.06 $ 1.99
 
Earnings Per Share — Diluted
Income from continuing operations $ .27 $ .26 $ 1.06 $ .92
(Loss) income from discontinued operations, net of tax

$

-

$

-

$ (.01 ) $ 1.05
Net income   $ .27     $ .26     $ 1.05     $ 1.97  
Dividends Declared Per Common Share   $ .06     $ .05     $ .22     $ 1.20  
 
See Notes to Consolidated Statements of Income and Financial and Operating Highlights.
 
THE CHARLES SCHWAB CORPORATION
Financial and Operating Highlights
(Unaudited)
                 
  Q4-08 % change 2008 2007
vs.   vs. Fourth Third Second First Fourth
(In millions, except per share amounts and as noted) Q4-07   Q3-08 Quarter   Quarter   Quarter   Quarter   Quarter
Net Revenues
Asset management and administration fees (16 %) (11 %) $ 528 $ 596 $ 618 $ 613 $ 628
Net interest revenue (16 %) (17 %) 372 447 427 419 441
Trading revenue 45 % 40 % 352 252 230 246 242
Other (1) (6 %) N/M   32       (44 )     33       29       34  
Total net revenues (5 %) 3 %   1,284       1,251       1,308       1,307       1,345  
Expenses Excluding Interest
Compensation and benefits (12 %) 3 % 402 390 438 437 455
Professional services (9 %) (7 %) 80 86 84 84 88
Occupancy and equipment 5 % 4 % 78 75 72 74 74
Advertising and market development (9 %) 32 % 62 47 58 76 68
Communications 12 % 10 % 56 51 52 52 50
Depreciation and amortization - 3 % 39 38 37 38 39
Other (2) 33 % (8 %)   60       65       53       38       45  
Total expenses excluding interest (5 %) 3 %   777       752       794       799       819  
Income from continuing operations before taxes on income (4 %) 2 % 507 499 514 508 526
Taxes on income (10 %) 2 %   (199 )     (195 )     (201 )     (203 )     (221 )
Income from continuing operations 1 % 1 % 308 304 313 305 305
(Loss) income from discontinued operations, net of tax (3) N/M -   -       -       (18 )     -       3  
Net Income - 1 % $ 308     $ 304     $ 295     $ 305     $ 308  
Diluted earnings per share from continuing operations 4 % 4 % $ .27 $ .26 $ .27 $ .26 $ .26
Basic earnings per share - 4 % $ .27 $ .26 $ .26 $ .27 $ .27
Diluted earnings per share 4 % 4 % $ .27 $ .26 $ .26 $ .26 $ .26
Dividends declared per common share 20 % - $ .06 $ .06 $ .05 $ .05 $ .05
Weighted-average common shares outstanding - diluted (1 %) -   1,158       1,158       1,154       1,159       1,167  
Performance Measures
Pre-tax profit margin from continuing operations 39.5 % 39.9 % 39.3 % 38.9 % 39.1 %
Annualized return on stockholders’ equity   30 %     31 %     32 %     33 %     35 %
Financial Condition (at quarter end, in billions)
Cash and investments segregated 67 % 7 % $ 14.7 $ 13.8 $ 9.4 $ 11.1 $ 8.8
Receivables from brokerage clients (42 %) (33 %) $ 7.1 $ 10.6 $ 12.9 $ 11.5 $ 12.3
Loans to banking clients 76 % 9 % $ 6.0 $ 5.5 $ 4.9 $ 4.0 $ 3.4
Total assets 22 % (2 %) $ 51.7 $ 52.8 $ 48.4 $ 44.6 $ 42.3
Deposits from banking clients 72 % 8 % $ 23.8 $ 22.0 $ 19.9 $ 15.6 $ 13.8
Payables to brokerage clients - (6 %) $ 20.3 $ 21.5 $ 19.5 $ 20.4 $ 20.3
Long-term debt - - $ .9 $ .9 $ .9 $ .9 $ .9
Stockholders’ equity 11 % - $ 4.1     $ 4.1     $ 3.9     $ 3.6     $ 3.7  
Other
Full-time equivalent employees (at quarter end, in thousands) 1 % (1 %) 13.4 13.5 13.4 13.4 13.3

Annualized net revenues per average full-time equivalent employee (in thousands)

(8 %) 2 % $ 378 $ 371 $ 390 $ 391 $ 409

Capital expenditures - cash purchases of equipment, office facilities, and property, net (in millions)

29 % 43 % $ 67     $ 47     $ 32     $ 48     $ 52  
Clients’ Daily Average Trades (in thousands)
Revenue trades (4) 30 % 27 % 358.3 282.9 254.7 274.6 275.5
Investor Services (5) 33 % 20 % 28.7 24.0 22.0 23.3 21.5
Advisor Services (5) 64 % 39 % 36.6 26.4 21.5 27.9 22.3
Corporate and Retirement Services (5) 23 % 7 %   1.6       1.5       1.2       1.4       1.3  
Total 33 % 27 %   425.2       334.8       299.4       327.2       320.6  
Average Revenue Per Revenue Trade (4) 5 % - $ 14.63     $ 14.59     $ 14.38     $ 14.47     $ 13.87  
     
 
(1) The third quarter of 2008 includes $73 million of charges relating to losses on two corporate debt securities.

(2) The fourth quarter, third quarter, and second quarter of 2008 include $5 million, $8 million, and $16 million, respectively, for individual client complaints and arbitration claims relating to Schwab YieldPlus Fund® investments.

(3) The second quarter of 2008 includes an $18 million adjustment to finalize the income tax gain related to the sale of U.S. Trust Corporation.
(4) Includes all client trades that generate either commission revenue or revenue from principal markups (i.e., fixed income); also known as DART.
(5) Includes eligible trades executed by clients who participate in one or more of the Company's asset-based pricing relationships.
N/M Not meaningful.
 
See Notes to Consolidated Statements of Income and Financial and Operating Highlights.
 
THE CHARLES SCHWAB CORPORATION
Notes to Consolidated Statements of Income and Financial and Operating Highlights
(Unaudited)
 

The Company
The consolidated statements of income and financial and operating highlights include The Charles Schwab Corporation (CSC) and its majority-owned subsidiaries (collectively referred to as the Company), including Charles Schwab & Co., Inc. and Charles Schwab Bank. Prior period amounts are presented on a continuing operations basis to exclude U.S. Trust Corporation, which was sold on July 1, 2007. The consolidated statements of income and financial and operating highlights should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2007. All material intercompany balances and transactions have been eliminated.

 
**********
Growth in Client Assets and Accounts
(Unaudited)
                 
  Q4-08   % change 2008 2007
(In billions, at quarter end, except as noted) vs.
Q4-07
  vs.
Q3-08
Fourth
Quarter
  Third
Quarter
  Second
Quarter
  First
Quarter
  Fourth
Quarter
Assets in client accounts

Schwab One®, other cash equivalents and deposits from banking clients

24 % 1 % $ 44.4 $ 43.8 $ 40.1 $ 36.5 $ 35.9
Proprietary funds (Schwab Funds® and Laudus Funds®):
Money market funds 15 % 5 % 209.7 200.1 189.2 203.3 183.1
Equity and bond funds (42 %) (19 %)   33.9       42.0       47.0       49.0       58.7  
Total proprietary funds 1 % 1 %   243.6       242.1       236.2       252.3       241.8  
Mutual Fund Marketplace® (1):
Mutual Fund OneSource® (39 %) (24 %) 110.6 145.9 170.2 168.2 180.9
Mutual fund clearing services (34 %) (21 %) 54.2 68.8 79.4 77.8 81.8
Other third-party mutual funds (25 %) (19 %)   169.1       210.0       230.2       224.2       225.7  
Total Mutual Fund Marketplace (32 %) (21 %)   333.9       424.7       479.8       470.2       488.4  
Total mutual fund assets (21 %) (13 %)   577.5       666.8       716.0       722.5       730.2  
Equity and other securities (1) (34 %) (20 %) 357.2 447.2 503.7 498.4 545.2
Fixed income securities 13 % 5 % 164.1 156.4 149.4 146.4 145.8
Margin loans outstanding (47 %) (36 %)   (6.2 )     (9.7 )     (12.3 )     (10.8 )     (11.6 )
Total client assets (21 %) (13 %) $ 1,137.0     $ 1,304.5     $ 1,396.9     $ 1,393.0     $ 1,445.5  
Client assets by business
Investor Services (23 %) (13 %) $ 482.6 $ 551.9 $ 590.7 $ 595.5 $ 625.3
Advisor Services (18 %) (12 %) 477.2 542.1 575.3 569.7 583.5
Corporate and Retirement Services (25 %) (16 %)   177.2       210.5       230.9       227.8       236.7  
Total client assets by business (21 %) (13 %) $ 1,137.0     $ 1,304.5     $ 1,396.9     $ 1,393.0     $ 1,445.5  
Net growth in assets in client accounts (for the quarter ended)
Net new assets
Investor Services (43 %) 11 % $ 8.1 $ 7.3 $ 6.0 $ 13.7 $ 14.3
Advisor Services (35 %) (17 %) 11.7 14.1 14.5 19.9 17.9
Corporate and Retirement Services (74 %) (37 %)   1.9       3.0       5.5       7.7       7.3  
Total net new client assets (45 %) (11 %)   21.7       24.4       26.0       41.3       39.5  
Net market (losses) gains N/M N/M   (189.2 )     (116.8 )     (22.1 )     (93.8 )     (34.7 )
Net (decline) growth N/M N/M $ (167.5 )   $ (92.4 )   $ 3.9     $ (52.5 )   $ 4.8  
New brokerage accounts (in thousands, for the quarter ended) (1 %) 16 % 224 193 226 246 227
Clients (in thousands)
Active Brokerage Accounts 5 % 1 % 7,401 7,310 7,256 7,162 7,049
Banking Accounts 71 % 12 % 447 399 355 318 262
Corporate Retirement Plan Participants 17 % 6 %   1,407       1,333       1,291       1,271       1,205  
     
 
(1) Excludes all proprietary money market, equity, and bond funds.
N/M Not meaningful
 
The Charles Schwab Corporation Monthly Market Activity Report For December 2008
                             
2008  

% change

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Mo.

Yr.

 
Change in Client Assets
(in billions of dollars)
Net New Assets 15.7 11.1 12.5 17.7 3.8 12.2 10.0 10.4 7.7 6.3 6.6 5.9 9.2 56 % (41 %)
Net Market (Losses) Gains (15.7 )   (60.6 )   (17.8 )   (15.4 )   42.1     17.8     (82.0 )   (16.0 )   (1.4 )   (99.4 )   (151.5 )   (53.8 ) 16.1  
 
Total Client Assets
(at month end, in billions of dollars) 1,445.5     1,396.0     1,390.7     1,393.0     1,438.9     1,468.9     1,396.9     1,391.3     1,397.6     1,304.5     1,159.6     1,111.7   1,137.0   2 % (21 %)
 
New Brokerage Accounts
(in thousands) 78 94 69 83 94 67 65 64 57 72 91 60 73 22 % (6 %)
 
Clients (at month end, in thousands)
Active Brokerage Accounts 7,049 7,093 7,119 7,162 7,206 7,232 7,256 7,272 7,287 7,310 7,356 7,376 7,401 -- 5 %
Banking Accounts 262 286 302 318 332 344 355 367 377 399 427 438 447 2 % 71 %
Corporate Retirement Plan Participants 1,205 1,256 1,263 1,271 1,284 1,286 1,291 1,306 1,315 1,333 1,342 1,380 1,407 2 % 17 %
 
Market Indices (at month end)
Dow Jones Industrial Average 13,265 12,650 12,266 12,263 12,820 12,638 11,350 11,378 11,544 10,851 9,325 8,829 8,776 (1 %) (34 %)
Nasdaq Composite 2,652 2,390 2,271 2,279 2,413 2,523 2,293 2,326 2,368 2,092 1,721 1,536 1,577 3 % (41 %)
Standard & Poor's 500 1,468 1,379 1,331 1,323 1,386 1,400 1,280 1,267 1,283 1,166 969 896 903 1 % (38 %)
 
Clients' Daily Average Trades
(in thousands)
Revenue Trades (1) 250.7 311.2 242.7 268.1 250.6 258.4 255.3 282.1 227.0 339.7 415.0 348.5 306.1 (12 %) 22 %
Investor Services (2) 23.4 24.8 21.9 23.1 22.2 24.1 19.7 24.0 20.8 27.5 38.1 24.9 22.2 (11 %) (5 %)
Advisor Services (2) 22.2 32.0 23.5 28.0 21.5 20.9 22.0 29.4 20.6 29.0 43.4 33.2 32.3 (3 %) 45 %
Corporate & Retirement Services (2) 1.4     1.5     1.3     1.3     1.2     1.3     1.2     1.4     1.3     1.6     1.7     1.4   1.4   -- --
Total 297.7     369.5     289.4     320.5     295.5     304.7     298.2     336.9     269.7     397.8     498.2     408.0   362.0   (11 %) 22 %
 
Daily Average Market Share Volume
(in millions)
NYSE 1,320 1,927 1,514 1,727 1,310 1,218 1,400 1,531 1,081 1,603 1,699 1,525 1,340 (12 %) 2 %
Nasdaq 1,900     2,696     2,344     2,294     1,982     2,069     2,261     2,355     1,894     2,537     2,795     2,089   1,866   (11 %) (2 %)
Total 3,220     4,623     3,858     4,021     3,292     3,287     3,661     3,886     2,975     4,140     4,494     3,614   3,206   (11 %) --
 
Mutual Fund Net Buys (Sells) (3)
(in millions of dollars)
Large Capitalization Stock (130.3 ) (721.5 ) 819.1 (69.3 ) 689.1 738.5 284.5 (1,024.5 ) (88.2 ) (1,496.8 ) (2,070.5 ) (1,437.6 ) (1,589.9 )
Small / Mid Capitalization Stock (1,009.5 ) (1,168.7 ) (17.2 ) (410.0 ) 10.9 215.8 277.2 (306.5 ) 392.9 (243.7 ) (1,096.1 ) (507.5 ) (362.3 )
International 262.5 (800.2 ) 283.1 (229.8 ) 262.1 800.7 (184.6 ) (1,036.8 ) (743.9 ) (2,240.3 ) (3,022.2 ) (1,403.6 ) (1,463.2 )
Specialized (132.1 ) 53.0 206.6 (230.2 ) (20.7 ) 164.4 133.5 (192.1 ) (106.3 ) (571.8 ) (1,037.5 ) (328.0 ) (289.2 )
Hybrid 199.2 202.0 601.8 457.2 457.1 405.7 273.0 227.1 289.5 (320.7 ) (1,229.5 ) (662.3 ) (224.9 )
Taxable Bond (585.3 ) 1,407.0 1,047.6 (845.3 ) 582.0 1,113.1 344.2 440.9 487.7 (894.9 ) (2,787.4 ) (729.7 ) 696.5
Tax-Free Bond (519.1 ) 204.1 (31.6 ) 10.9 158.6 459.4 358.4 179.7 263.4 (97.9 ) (622.6 ) (165.0 ) (206.4 )
Money Market Funds 7,942.0 7,632.2 3,996.8 5,478.6 (7,347.2 ) (3,956.8 ) (2,378.1 ) 4,958.3 506.7 3,973.6 2,944.9 2,408.6 4,279.3  
 
(1) Includes all client trades that generate either commission revenue or revenue from principal markups (i.e., fixed income); also known as DART.
(2) Includes eligible trades executed by clients who participate in one or more of the Company's asset-based pricing relationships.
(3) Represents the principal value of client mutual fund transactions handled by Schwab, including transactions in proprietary funds. Includes institutional funds available only to Investment Managers.

Contact:

Charles Schwab
Greg Gable, 415-636-5847 (Media)
Rich Fowler, 415-636-9869 (Investors/Analysts)

Corporate Public Relations
Contacts for Journalists Only

 

888-767-5432

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