Financial services company The Charles Schwab Corporation (NYSE: SCHW) on Wednesday reported a decrease in adjusted earnings and revenues for the fourth quarter of 2023.
Total revenues declined 19% year-over-year to $4.46 billion in the fourth quarter. In the whole of 2023, clients entrusted the company with $306 billion in core net new assets, including over $43 billion in December alone.
Net income available to common stockholders was $926 million or $0.51 per share in Q4, compared with $1.82 billion or $0.97 per share in the prior-year quarter. Adjusted profit declined to $0.68 per share from $1.07 per share last year.
“Over the course of 2023, our commitment to clients was unwavering. Through an uneven environment with shifting views on the trajectory of the U.S. economy, persistent geopolitical unrest, and a temporary disruption within the regional banking sector, our “no trade-offs” value proposition continued to resonate with investors,” said Walt Bettinger, CEO of Charles Schwab.