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Charles Schwab's (NYSE:SCHW) total client assets stood at $9.21T at the end of May, up 4% from $8.85T at the end of April and 20% from $7.65T in the year-earlier period, it said on Friday.
Core net new assets brought to the firm by new and existing clients came in at $31.1B, marking SCHW's second-highest May on record. That compares with just $1.0B in the previous month and $20.7B in May 2023.
New brokerage accounts of 314K were down 13% from April and flat from a year before.
The company sees Q2 total revenue decreasing by 1%-2% from Q1, implying $4.79B-$4.83B (vs. $4.80B consensus), consistent with the commentary at the Institutional Investor Day on May 22.
SCHW edged down 1.2% in Friday morning trading.