Charles Schwab reports November total client assets $10.31T

Charles Schwab (SCHW) released its monthly activity report. Core net new assets brought to the company by new and existing clients totaled $28.8B. Net new assets excluding mutual fund clearing totaled $24.1B. Total client assets equaled $10.31T as of month-end November, up 26% from November 2023 and up 5% compared to October. Transactional sweep cash ended November at $393.7B- or flat versus the prior month. Driven primarily by equity volumes, November daily average trades increased by 20% month-over-month to 6.6M. FY24 net revenue is currently expected to grow by 3% to 3.5% versus the prior year, reflecting a combination of increased investor engagement, post-election equity market strength, and the continued stabilization of client transactional sweep cash balances. This represents an improvement from the 2% to 3% revenue growth range previously communicated.