Charles Schwab Corp.’s plan to eliminate trading fees pushed client assets to a record, surpassing $4 trillion and sending shares higher, even as the firm faced a decline in trading revenue.
Customers opened 433,000 new brokerage accounts in fourth quarter, bringing the total to 12.3 million, according to a statement issued Thursday. Trading revenue plunged 58% to $86 million in the period after the company introduced zero-commission trades.
