Investing
Schwab Leaders Say Firm Can Weather Storm After Deposit Drop
- Brokerage cites ‘regulatory uncertainty’ for pausing buybacks
- Customers continue to add money to firm’s investment products
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Charles Schwab Corp. executives said the firm can withstand the turmoil roiling US banks, while pausing stock buybacks in response to the industry’s worst crisis since 2008.
Though Schwab is grappling with longer-term stresses, the first-quarter results it posted Monday showed that the company kept the trust of customers, who continued to add to its investment products. Profit climbed 12% from a year earlier, beating Wall Street estimates.