Finance
Schwab Trading Tops Estimates as Volatility Hits Customers
Charles Schwab has sought to differentiate itself as the elder statesman among a handful of relative newcomers to investing and wealth management.
Photographer: Bing Guan/BloombergCharles Schwab Corp.’s daily average trades exceeded expectations as retail investors rushed to respond to market volatility in the first three months of the year, with company executives saying drivers of future earnings are in flux.
Schwab’s daily average trades jumped 24% in the first quarter to 7.39 million, above analysts’ forecasts of of 7.17 million. The firm advises its clients to take a long-term view on investing, but the company said it saw “client net selling following the re-emergence of market volatility.”