Charles Schwab, One Of Nation’s Largest Brokers, Nabs $2.4 Billion In Revenues Despite Commission-Free Trading And Historically Low Interest Rates

Charles Schwab, One Of Nation’s Largest Brokers, Nabs $2.4 Billion In Revenues Despite Commission-Free Trading And Historically Low Interest Rates

Topline

Despite headwinds from a push to commission-free trading announced last October and historically low interest rates, brokerage Charles Schwab reported an earnings beat on Thursday morning, adding to a mixed bag of big bank earnings that have failed to keep markets afloat.

Walter Bettinger, president and chief executive officer of Charles Schwab Corp.



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Key Facts





San Francisco-based Charles Schwab reported revenues in line with Wall Street expectations, nabbing about $2.4 billion in the quarter–about 10% more than in the same period a year ago.





Net income attributable to shareholders, meanwhile, totaled $698 million, or 51 cents per share, beating analyst estimates of 46 cents per share