Charles Schwab reports total client assets $8.18T at November-end, up 12% YoY

The Charles Schwab Corporation released its Monthly Activity Report . Company highlights for the month of November 2023 include: Core net new assets brought to the company by new and existing clients totaled $21.7B; Total client assets were $8.18T as of month-end November, up 12% from November 2022 and up 7% compared to October 2023. Transactional sweep cash ended November 2023 at $402.9 B, representing an increase of $5B versus the prior month – the largest monthly build in transactional sweep cash since March 2022. Excluding bank deposit account balance activity, clients added over $7B across our balance sheet cash solutions during the month While the company’s ‘through the cycle’ financial model continues to deliver against an evolving backdrop, lower transactional cash levels, along with softer client trading volumes and subdued securities lending activity, is expected to result in full-year 2023 revenue declining by 9.5% to 10.0% versus the previous year.