Charles Schwab Corp. reported a surge in average daily trading volume in the fourth quarter as retail investors sought to take advantage of the end of a strong year for the stock market. Total net new assets for the quarter totaled $158.2 billion, more than the $144 billion projected, and daily average trading volume jumped to 8.27 million, up 31% from a year earlier. Still, net revenue of $6.34 billion missed Wall Street analyst expectations of $6.37 billion for the last three months of the year. Adjusted earnings totaled $1.39 a share, matching analysts’ projections.
Rick Wurster, Schwab's President and CEO, discusses his firm's latest results, as well as how the firm is reckoning with the rise of prediction markets. Rick speaks with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily.
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