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January 19, 2009 at 07:00 PM
Charles Schwab Corp. reported that income from continuing operations rose 10% for 2008 to $1.2 billion on a 3% increase in net revenue to $5.15 billion (Schwab sold U.S. Trust for $3.3 billion in July 2007). For the volatile fourth quarter of 2008, Schwab had essentially flat income from continuing operations of $308 million on a 5% decline in net revenues from 2007′s fourth quarter to $1.28 billion; those results include $25 million in pre-tax severance charges for the 100 jobs the company announced in the period that it would eliminate.
CEO Walt Bettinger said in a prepared statement that net new assets, “while pressured by the environment, still totaled $113 billion, new brokerage accounts reached 889,000, up 10% year-over-year, total brokerage accounts rose 5% to 7.4 million, corporate retirement plan participants were up 17% to 1.4 million, and banking accounts ended the year at 447,000, up 71%.”
