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Stock Market & Financial Investment News

News Breaks
September 16, 2013
09:01 EDTSCHWCharles Schwab consolidating retirement plan platforms
Charles Schwab announced it has decided to consolidate its two retirement plan recordkeeping technology platforms. For the past six years, the company has supported both the platform operated by the former 401(k) Company, which was acquired in 2007, and the Schwab Retirement Information recordkeeping platform utilized under its primary full-service bundled retirement plan offering. Certain clients serviced on the acquired platform will be transitioned to the SRI platform. Schwab will resign from providing recordkeeping services to certain other clients. The retirement plans sponsored by these clients are either unprofitable, include uniquely resource-intensive servicing provisions, or are otherwise not an appropriate fit for Schwab’s retirement plan servicing strategy. Core net new assets, before significant one-time flows, brought to the company by new and existing clients in August totaled $22.3B. Net new assets of negative $2.4 billion contained core flows of $22.3B and reduction of $24.7B, reflecting changes to Schwab’s retirement plan business as discussed. Total client assets were $2.08T as of month-end August, up 12% from August 2012 and down 2% compared to July.
News For SCHW From The Last 14 Days
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October 2, 2015
13:26 EDTSCHWBanks, brokers slide as weak jobs report pushes out rate hike
Shares of banks and brokers are sliding after a weak jobs report pushed out the probability of near-term rate hike. WHAT'S NEW: Friday morning, the Labor Department reported that the U.S. economy added only 142,000 jobs in September compared to economists expectations of 203,000. The Labor Department's September jobs report strengthened the argument that the Fed will not raise rates in October, and even lessened the probability of a December rate hike. An increase in interest rates would let banks and brokers benefit from higher spreads on deposits. PRICE ACTION: Shares of Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB), and Wells Fargo (WFC) are all declining despite a rebound in the broad market. OTHERS TO WATCH: Shares of online brokers, including TD Ameritrade (AMTD), Charles Schwab (SCHW), E*TRADE (ETFC), and Interactive Brokers (IBKR) are also lower in afternoon trading.
October 1, 2015
08:00 EDTSCHWSecurity Traders Association to hold a conference
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