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☆ Schwab's Rick Wurster: $9 billion growth in cash flow allowed us to pay down supplemental funding
▼ + stars: | 2024-10-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSchwab's Rick Wurster: $9 billion growth in cash flow allowed us to pay down supplemental fundingWalt Bettinger, outgoing Charles Schwab CEO, and Rick Wurster, incoming Charles Schwab CEO, join 'Money Movers' to discuss the company's quarterly earnings results, if the company can declare victory over its cash sorting issues, and much more.

Persons: Rick Wurster, Walt Bettinger, Charles Schwab

☆ Watch CNBC's full interview with Charles Schwab's Walt Bettinger and Rick Wurster
▼ + stars: | 2024-10-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Charles Schwab's Walt Bettinger and Rick WursterWalt Bettinger, outgoing Charles Schwab CEO, and Rick Wurster, incoming Charles Schwab CEO, join 'Money Movers' to discuss the company's quarterly earnings results, if the company can declare victory over its cash sorting issues, and much more.

Persons: Charles Schwab's Walt Bettinger, Rick Wurster Walt Bettinger, Charles Schwab, Rick Wurster

☆ Watch CNBC's full interview with Charles Schwab CEO Walt Bettinger and President Rick Wurster
▼ + stars: | 2024-10-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Charles Schwab CEO Walt Bettinger and President Rick WursterCharles Schwab CEO Walt Bettinger and President Rick Wurster join 'Squawk Box' to discuss news of Bettinger retiring as CEO at the end of December after 16 years leading the brokerage firm, whether there will be any immediate change in strategy, impact of the Fed's interest rate decision on the company, and more.

Persons: Charles Schwab, Walt Bettinger, Rick Wurster Charles Schwab, Rick Wurster, Bettinger

☆ Charles Schwab CEO Walt Bettinger on retirement: 'Incredibly excited' to turn it over to Rick
▼ + stars: | 2024-10-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCharles Schwab CEO Walt Bettinger on retirement: 'Incredibly excited' to turn it over to RickCharles Schwab CEO Walt Bettinger and President Rick Wurster join 'Squawk Box' to discuss news of Bettinger retiring as CEO at the end of December after 16 years leading the brokerage firm, whether there will be any immediate change in strategy, impact of the Fed's interest rate decision on the company, and more.

Persons: Charles Schwab, Walt Bettinger, Rick Charles Schwab, Rick Wurster, Bettinger

☆ Charles Schwab CEO Walt Bettinger to retire at end of 2024, Rick Wurster to replace him
▼ + stars: | 2024-10-01 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Walter "Walt" Bettinger, president and chief executive officer of Charles Schwab Corp., speaks during the 2015 Fortune Global Forum in San Francisco, California, U.S., on Tuesday, Nov. 3, 2015. Bettinger will be replaced on Jan. 1, 2025, by Charles Schwab President Rick Wurster. Charles Schwab CEO Walt Bettinger is retiring from his role at the end of December after 16 years leading the brokerage firm, the company announced Tuesday. In a statement, Bettinger cited his 65th birthday next year as a reason to step aside and praised the choice of Wurster. In an interview on CNBC's "Squawk Box," Wurster indicated that there would not be any immediate change in strategy with the CEO handoff.

Persons: Walter, Walt, Bettinger, Charles Schwab, Rick Wurster, Walt Bettinger, Schwab, we've, Wurster, Ameritrade, halve Organizations: Charles Schwab Corp, Global, Schwab Locations: San Francisco , California, U.S

☆ Charles Schwab CEO defends business as shares tank after earnings
▼ + stars: | 2024-07-18 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

Cramer asked Bettinger whether his company still had an issue with cash shorting, as was suggested by a Thursday story from Barron's. Cash shorting, which occurs when depositors move funds form lower-paying accounts to high-yield ones, plagued Schwab last year, according to Barron's. But Bettinger suggested that cash shorting is not a significant issue. As an investment advisor, Bettinger said Schwab ensures that their clients' cash goes into a high-yielding money market fund. At Thursday's close, Schwab shares were down more than 17% for the week so far.

Persons: CNBC's Jim Cramer, Charles Schwab, Walt Bettinger, Cramer, Bettinger, Cash, Schwab, Barron's Locations: Thursday's

☆ Charles Schwab CEO Walt Bettinger sits down with Jim Cramer
▼ + stars: | 2024-07-18 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCharles Schwab CEO Walt Bettinger sits down with Jim CramerCharles Schwab CEO Walt Bettinger sits down with 'Mad Money' host Jim Cramer to talk quarterly results.

Persons: Charles Schwab, Walt Bettinger, Jim Cramer Charles Schwab, Jim Cramer

☆ It's completely up to the client when they are self directed, says Charles Schwab CEO
▼ + stars: | 2024-07-18 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt's completely up to the client when they are self directed, says Charles Schwab CEOCharles Schwab CEO Walt Bettinger sits down with 'Mad Money' host Jim Cramer to talk quarterly results.

Persons: Charles Schwab, Walt Bettinger, Jim Cramer

☆ Charles Schwab CEO says inflation is the 'No.1 concern' among investors
▼ + stars: | 2024-05-23 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

In a Thursday interview with CNBC's Jim Cramer, Charles Schwab CEO Walt Bettinger said inflation is the most pressing concern among the brokerage firm's 35 million clients. "We just put out today one of our regular studies on client sentiment, and what's happened is, inflation has now become the No. 1 concern among investors," Bettinger said. "When they think about inflation, it has moved their position from the first quarter of being a little bit on the bullish side to where now they're a little bit on the bearish side." He added that Schwab recommends most investors build up their portfolios with low-cost index funds or low-cost actively managed funds.

Persons: CNBC's Jim Cramer, Charles Schwab, Walt Bettinger, Bettinger, Schwab Organizations: Federal Reserve

☆ Charles Schwab CEO: Investors have a lot of reasons to be optimistic as I do
▼ + stars: | 2024-04-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCharles Schwab CEO: Investors have a lot of reasons to be optimistic as I doCharles Schwab CEO Walt Bettinger joins 'Money Movers' to discuss the company's quarterly earnings results, how interest rates are affecting the business, and what's driving new asset growth.

Persons: Charles Schwab, Walt Bettinger

☆ Gen Z: bad office etiquette might be holding you back at work
▼ + stars: | 2024-04-01 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +4 min

Gen Z workers are often criticized for not practicing good workplace etiquette. AdvertisementGood workplace etiquette — from being mindful about how you present yourself to the kind of foods you eat for lunch — could be essential to your career progression, according to an etiquette expert. "If you are not practicing good etiquette, your career, in my opinion, will not progress half as fast as if you are practicing good workplace etiquette," Meier told BI. Beaumont EtiquetteGen Z is still learning about office etiquetteGen Z is new to the workplace and still learning the ins and outs of office etiquette after studying remotely during the pandemic. Meier advises these young professionals to educate themselves on office etiquette by reading books on the subject.

Persons: Myka Meier, Meier, —, Beaumont, Walt Bettinger, Charles Schwab, We've, It's, Gen Organizations: Service, Business, KPMG, Deloitte

☆ Watch CNBC's full interview with Charles Schwab CEO Walt Bettinger
▼ + stars: | 2023-10-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Charles Schwab CEO Walt BettingerCharles Schwab CEO Walt Bettinger joins 'Squawk on the Street' to discuss the company's quarterly earnings results, what investors need to understand about the interest rate move impact on the banks, and how suppressed interest equities have impacted investor psyche.

Persons: Charles Schwab, Walt Bettinger Charles Schwab, Walt Bettinger

☆ Charles Schwab CEO Walt Bettinger: We're in a bearish environment, and it's been tough for investors
▼ + stars: | 2023-10-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCharles Schwab CEO Walt Bettinger: We're in a bearish environment, and it's been tough for investorsCharles Schwab CEO Walt Bettinger joins 'Squawk on the Street' to discuss the company's quarterly earnings results, what investors need to understand about the interest rate move impact on the banks, and how suppressed interest equities have impacted investor psyche.

Persons: Charles Schwab, Walt Bettinger, it's

☆ US bank shares jump on interest income and deals optimism, but outlook mixed
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +5 min

The bank said it expects full year NII to be up about 8% at about $57 billion. The bank's full year NII outlook remains unchanged at 20% growth, Chief Financial Officer Dermot McDonogh told analysts. Overall, its profit slipped 18% in the second quarter as a fewer deals hurt investment banking revenues. Sluggish deals have been a sore spot across Wall Street with global investment banking activity plunging to $15.7 billion in the second quarter, the lowest since 2012, according to Dealogic. While investment banking and trading were also a drag on earnings for big banks on Friday, JPMorgan likewise said the bank was seeing “green shoots” in trading and investment banking.

Persons: Nacho, Morgan Stanley, BNY Mellon, Dermot McDonogh, Robert Pavlik, BNY, Morgan, JPMorgan Chase, Charles Schwab, Walt Bettinger, MS.N, Morgan Stanley's, Sharon Yeshaya, Goldman Sachs, Mehnaz Yasmin, Niket, Jaiveer, Manya Saini, Saeed Azhar, Tatiana Bautzer, Lance Tupper, Johann Cherian, Michelle Price, Megan Davies, Nick Zieminski Organizations: of America, REUTERS, WASHINGTON, . Bank of America, Bank of New York Mellon Corp, Federal Reserve, Bank of, Wall, PNC Financial Services, Dakota Wealth, JPMorgan, Citigroup, PNC, Silicon Valley Bank, Reuters, Street, Thomson Locations: New York, U.S, Big U.S, NII, KBW, Wells Fargo, Silicon, Bengaluru

☆ Schwab's profit drops less than expected on asset management strength
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +2 min

Charles Schwab relies primarily on clients' uninvested cash to fund its interest-earning businesses such as purchase of fixed-income assets and lending. Schwab has had to turn to supplementary funding sources to counter this churn. Last month, the Westlake, Texas-based company said it was relying on more expensive funding sources, like borrowing from the Federal Home Loan Bank, to supplement its cash flow. Meanwhile, inflows into the company's funds boosted asset management and administration fees by 12% to $1.17 billion. Excluding one-time costs, Schwab's profit fell 25% to $1.49 billion, or 75 cents per share, for the three months ended June 30.

Persons: Charles Schwab, Schwab, Walt Bettinger, Niket, Sriraj Kalluvila, Shounak Organizations: U.S . Federal Reserve, Federal Home Loan Bank, Thomson Locations: Westlake , Texas, Bengaluru

☆ Charles Schwab CEO: Our clients are showing some optimism
▼ + stars: | 2023-07-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCharles Schwab CEO: Our clients are showing some optimismCharles Schwab CEO Walt Bettinger joins 'Squawk on the Street' to discuss what the company is hearing from investors in the bank's latest earnings results, cash sorting in the economy, and more.

Persons: Charles Schwab, Walt Bettinger

☆ Schwab CEO says bullishness among retail traders is rising, with buy orders 20% higher than sells
▼ + stars: | 2023-07-18 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Walter "Walt" Bettinger, president and chief executive officer of Charles Schwab Corp., speaks during the 2015 Fortune Global Forum in San Francisco, California, on Tuesday, Nov. 3, 2015. Charles Schwab CEO Walt Bettinger said Tuesday that retail investors using his brokerage platform are showing signs of bullishness on the stock market. Bettinger revealed that Schwab clients have been adding equity exposure in the past few months. The volume of buy orders on Schwab's platform is 20% higher than sell orders, showing investor optimism about the market, he added. And we saw in the aggregate for the second quarter, buys were about 20% higher than sells.

Persons: Walter, Walt, Bettinger, Charles Schwab, Walt Bettinger, Schwab, Jesse Pound Organizations: Charles Schwab Corp, Global Locations: San Francisco , California

☆ Charles Schwab stock pops 12% after second-quarter results beat expectations
▼ + stars: | 2023-07-18 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

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

☆ Corporate insiders are loading up on their own shares following banking turmoil - and that's a positive sign for the stock market
▼ + stars: | 2023-04-24 | by ( Jason Ma | ) www.businessinsider.com time to read: +2 min

More than 1,000 executives and directors at over 600 companies bought their stock in March. That's the most in nearly a year, according to Washington Service data compiled by the Wall Street Journal. Insiders at financial firms accounted for more than half of the stock purchases. Insiders at financial firms accounted for more than half of the stock purchases, the most for the sector in at least two years, according to Washington Service, an insider-trading data analytics provider. Separate data from investment-research firm VerityData showed that last month's insider stock purchases were concentrated at regional lenders like PacWest and Fifth Third.

☆ Charles Schwab beats profit estimates on higher rates; deposits drop
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

April 17 (Reuters) - Charles Schwab Corp (SCHW.N) beat first-quarter profit estimates as rate hikes by the Federal Reserve boosted the financial services provider's interest income, even as it struggled with a decline in deposits from the U.S. banking crisis last month. They shed 37% in the first quarter after Charles Schwab was caught up in the banking turmoil triggered by the collapse of two regional U.S. banks last month. Deposits shrank at Charles Schwab as customers moved capital to chase greater returns from other asset classes. The firm's deposits fell to $325.7 million in the first quarter from $366.7 million in the prior quarter. Total net revenue rose 10% to $5.12 billion from $4.67 billion a year earlier.

☆ Schwab says it raked in $53 billion in client assets in March as it looks to soothe investors rattled by banking turmoil
▼ + stars: | 2023-04-07 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

Charles Schwab said Friday it logged the second-highest March inflow from new client assets, at more than $53 billion. Schwab's stock last month plunged as clients worried about unrealized losses in its bond portfolio. The stock was hit alongside regional banks on investor concerns about huge unrealized losses in their bond portfolios. Schwab has banking as well as well as brokerage operations. Charles Schwab at the end of 2022 had $27.9 billion in unrealized losses across its held-to-maturity and available-for-sale bond portfolios, according to its annual 10-K filing.

☆ Charles Schwab a 'safe port' in banking storm as weekly inflows surge
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +1 min

March 17 (Reuters) - Financial broker Charles Schwab (SCHW.N) on Friday reported $16.5 billion in core net new assets for the week on strong inflows from clients moving funds amid several high-profile collapses that have whipsawed the U.S. banking sector. The Texas-based company's stock pared losses to trade 3.2% lower. read moreThe implosion of SVB Financial Group (SIVB.O) and Signature Bank (SBNY.O) last week, triggered by massive deposit outflows, has stoked contagion fears and hammered financial stocks. "Charles Schwab remains a safe port in a storm, driven by its conservative balance sheet, strong liquidity position," the company said in a statement. read moreReporting by Mehnaz Yasmin in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Retail investors are buying the dip in financial stocks in unprecedented amounts
▼ + stars: | 2023-03-17 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Retail investors are buying financial stocks in unprecedented amounts after the sector's recent rout, according to Vanda Research. Banks have been pummeled in the wake of Silicon Valley Bank's collapse and concerns over Credit Suisse 's financial situation. Regional bank stocks were particularly hard hit as investors worried whether they had balance sheet issues similar to SVB. Some investors were also buying shares of First Republic Bank, PacWest Bancorp and Truist Financial . Retail investors bought nearly twice as much as the previous week's daily average, totally $1.43 billion in purchases, according to Vanda Research.

☆ Insiders were stepping up and buying this week at these regional banks and niche financials
▼ + stars: | 2023-03-17 | by ( Yun Li | ) www.cnbc.com time to read: +4 min

The banking crisis drove regional bank stocks sharply lower this week, but many insiders took advantage of the turmoil to scoop up shares of their own institutions in what may prove a vote of confidence. Shares of regional banks slumped as the collapse of Silicon Valley Bank left investors worried that other regional banks might face similar balance sheet issues, a possible mismatch between long-dated assets and short-dated liabilities. Regional banks had regained some ground Thursday in anticipation of a group of 11 banks stepping in to First Republic by depositing $30 billion for at least 120 days . Charles Schwab Notably, Charles Schwab CEO Walt Bettinger bought 50,000 shares Tuesday, worth nearly $3 million, for his personal account. Valley National Bancorp Ira Robbins (CEO) bought 5,000 shares Wednesday Jennifer Steans (Director) bought 150,000 shares Tuesday Eric Edelstein (Director) bought 20,000 shares Tuesday Melissa Schultz (Director) bought 15,000 shares Tuesday Jeffrey Wilks (Director) bought 8,000 shares Tuesday Marc Lenner (Director) bought 5,000 shares Tuesday Suresh Sani (Director) bought 5,000 shares Tuesday Valley National Bancorp saw a rush of insider buying this week, including purchases by its CEO and several directors.

March 15 (Reuters) - European bank stocks fell sharply on Wednesday, with embattled Credit Suisse (CSGN.S) tumbling to a new low, on renewed investor concerns about stresses within the sector triggered by Silicon Valley Bank's sudden collapse. A more than 20% drop in Credit Suisse shares led a 6% plus fall in the European banking index (.SX7P), while five-year credit default swaps (CDS) for the flagship Swiss bank hit a new record high, highlighting increasing investor concerns. We move from the problems of American banks to those of European banks, first of all Credit Suisse," said Carlo Franchini, head of institutional clients at Banca Ifigest in Milan. BlackRock (BLK.N) Chief Executive Laurence Fink warned on Wednesday that the U.S. regional banking sector remains at risk, and predicted further high inflation and rate increases. And in an attempt to avert a similar crisis down the line, the U.S. Federal Reserve is considering tougher rules and oversight for midsize banks similar in size to SVB.

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