Justin Sullivan/Getty Images News
Charles Schwab’s (NYSE:SCHW) total client assets stood at $9.74T at the end of August, up 2% from the end of July and 20% from a year earlier, the online brokerage said on Monday.
Core net new assets brought to the firm by new and existing clients rose to $32.8B for the month, up from $29.0B in the previous month and $4.9B in the year-ago period.
New brokerage accounts of 324K inched down 0.9% M/M and gained 4% Y/Y.
Transactional sweep cash fell modestly versus July to $366.8B, driven by typical August seasonality observed during the current interest-rate cycle. The sequential decline represents an improvement of about 70% and 85% relative to August 2023 and August 2022, respectively.
Schwab (SCHW) said it expects its Q3 results to finish in-line with the scenario laid out during the July business update. Total revenue is seen growing 2%-3% Q/Q, with an adjusted pre-tax margin of at least 40%.
