Charles Schwab Corp.’s shares advanced after executives suggested the worst is over for the brokerage. Find out more.
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While bank deposits fell seven per cent in the second quarter from the prior period and 31 per cent from a year ago, the firm said Tuesday it anticipates seeing growth again by year-end. The firm also expects its net-interest margin for the quarter to be a low point for the year, and that it will continue to need less supplemental funding.Toronto-Dominion Bank owns a 12 per cent stake in Schwab.
Schwab has been facing pressure from investors, particularly since March when the collapse of several midsize U.S. lenders focused attention on unrealized losses from securities held on bank balance sheets.over the past year have pressured the brokerage’s banking arm, a pivotal source of revenue. Higher rates encouraged some Schwab clients to move their money from the bank to other investment products, including money-market funds, in a process known as “cash sorting.
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