Charles Schwab won’t be dethroned as brokerage king, Barron’s says

Shares of Charles Schwab (SCHW) plunged during March’s regional bank crisis as investors were concerned about deposit outflows, Andrew Welsch writes in this week’s edition of Barron’s. Schwab’s third-quarter results, posted Oct. 16, were better than Wall Street’s forecast but still down sharply from a year ago. During the company’s earnings call, executives didn’t release a dramatic new business strategy or turnaround plan. Instead, they urged shareholders to be patient. Schwab’s growth plans include adding services for ultrahigh-net-worth clients, expanding its banking and lending capabilities, and attracting more young investors. Schwab also intends to cut costs by laying off staff and closing some offices. Those moves may boost earnings next year, the author says.