A man passes by a location of financial broker Charles Schwab in the financial district in New York, March 20, 2023.
Schwab generated 75 cents in adjusted earnings per share on $4.66 billion in revenue.
CFO Peter Crawford said in the release that revenue — which fell 9% year over year — was hurt by customers reallocating their cash with higher rates.
However, Crawford stated that "we observed a continued and substantial deceleration in the daily pace of cash outflows" in June and that the company expected client cash to start growing again by the end of the year.
CEO Walt Bettinger said on "Squawk on the Street" that "client cash realigning" is now down more than 80% from the first quarter.
Persons:
Charles Schwab, Schwab, Peter Crawford, —, Crawford, Walt Bettinger, Bettinger
Locations:
New York