SCHWAB CHARLES CORPfalse000031670900003167092024-01-172024-01-170000316709us-gaap:CommonStockMember2024-01-172024-01-170000316709us-gaap:SeriesDPreferredStockMember2024-01-172024-01-170000316709schw:SeriesJPreferredStockMember2024-01-172024-01-17

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (date of earliest event reported): January 17, 2024

The Charles Schwab Corporation

(Exact name of registrant as specified in its charter)

Commission File Number:  1-9700
Delaware
94-3025021
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)

3000 Schwab Way, Westlake, TX 76262
(Address of principal executive offices, including zip code)

(817) 859-5000
(Registrant’s telephone number, including area code)

N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock – $.01 par value per shareSCHWNew York Stock Exchange
Depositary Shares, each representing a 1/40th ownership interest in a share of 5.95% Non-Cumulative Preferred Stock, Series DSCHW PrDNew York Stock Exchange
Depositary Shares, each representing a 1/40th ownership interest in a share of 4.450% Non-Cumulative Preferred Stock, Series JSCHW PrJNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02Results of Operations and Financial Condition

On January 17, 2024, The Charles Schwab Corporation issued a press release announcing its financial results for the quarter ended December 31, 2023. A copy of the press release is furnished as Exhibit 99.1 to this report.

Item 9.01Financial Statements and Exhibits
(d)
Exhibits
Exhibit No.Description
99.1
104Cover Page Interactive Data File – the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.




Signature(s)


    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



THE CHARLES SCHWAB CORPORATION
Date:January 17, 2024By:/s/ Peter Crawford
Peter Crawford
Managing Director and Chief Financial Officer






EXHIBIT 99.1

News Release

Contacts:
cslogoa03.jpg
MEDIA:
Mayura Hooper
Charles Schwab
Phone: 415-667-1525
INVESTORS/ANALYSTS:
Jeff Edwards
Charles Schwab
Phone: 415-667-1524

SCHWAB REPORTS FOURTH QUARTER AND FULL YEAR RESULTS
December Core Net New Assets Exceed $40 Billion – Annualized Growth Rate of 6%
Total Client Assets Reach Record $8.5 Trillion at Year-end, Up 21%

WESTLAKE, Texas, January 17, 2024 – The Charles Schwab Corporation announced today that its net income for the fourth quarter of 2023 was $1.0 billion compared with $2.0 billion for the fourth quarter of 2022. Net income for the twelve months ended December 31, 2023 was $5.1 billion, compared with $7.2 billion for the year-earlier period.
Three Months Ended
December 31,		%Twelve Months Ended
December 31,		%
Financial Highlights (1)
20232022Change20232022Change
Net revenues (in millions)$4,459 $5,497 (19)%$18,837 $20,762 (9)%
Net income (in millions)
GAAP$1,045 $1,968 (47)%$5,067 $7,183 (29)%
Adjusted (1)
$1,367 $2,151 (36)%$6,159 $7,934 (22)%
Diluted earnings per common share
GAAP$.51 $.97 (47)%$2.54 $3.50 (27)%
Adjusted (1)
$.68 $1.07 (36)%$3.13 $3.90 (20)%
Pre-tax profit margin
GAAP26.8 %47.3 %33.9 %45.2 %
Adjusted (1)
36.0 %51.6 %41.5 %50.0 %
Return on average common
    stockholders’ equity (annualized)12 %27 %16 %18 %
Return on tangible
common equity (annualized) (1)
43 %102 %54 %42 %
Note: All per-share results are rounded to the nearest cent, based on weighted-average diluted common shares outstanding.
(1) Further details on non-GAAP financial measures and a reconciliation of such measures to GAAP reported results are included on pages 10-12 of this release.

Co-Chairman and CEO Walt Bettinger commented, “Over the course of 2023, our commitment to clients was unwavering. Through an uneven environment with shifting views on the trajectory of the U.S. economy, persistent geopolitical unrest, and a temporary disruption within the regional banking sector, our “no trade-offs” value proposition continued to resonate with investors. Clients entrusted us with $306 billion in core net new assets during the year, including over $43 billion in December alone. This ongoing success with clients helped push total client assets to a record $8.52 trillion at year-end. Additionally, we welcomed 977 thousand new-to-firm retail households as well as 315 advisors-in-transition to Schwab. In total, we added 3.8 million new brokerage accounts to increase our total client base to 34.8 million accounts.”

“Maintaining sustained investment in our clients allows our modern wealth management offering to evolve with their needs,” added Mr. Bettinger. “The primary objective coming into 2023 was a successful Ameritrade conversion. By the end of the year, we had transitioned approximately 90% of client assets and accounts with no significant disruptions. The overall feedback from both retail investors and Registered Investment Advisors (RIAs) has been overwhelmingly

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positive – and when there were minor issues, we addressed most concerns immediately. The entire leadership team is grateful for the tireless efforts of our employees, whose diligent planning has put us in a position to complete the largest integration in our industry’s history, with deal-related attrition tracking better than our initial expectations.”

“While the Ameritrade client conversion garnered a lot of attention and significant resources, we also made substantial progress across our key strategic initiatives of scale and efficiency, win-win monetization, and client segmentation. We took steps to unlock incremental efficiency, including identifying at least $500 million in cost savings beyond the pre-committed Ameritrade synergies. As part of this effort, we reduced our workforce by approximately 6% of staff, which helped streamline the organization and enables us to prioritize investments in key client initiatives. Enhancements to our personalized investing and wealth management solutions demonstrated progress on our win-win monetization efforts. Net flows into our managed investing solutions totaled $33 billion, a 29% increase versus the previous year, supported by record flows into Schwab Wealth AdvisoryTM and Wasmer SchroederTM Strategies. We also saw building momentum within Schwab Personalized Indexing® and launched Schwab Investing ThemesTM. We improved digital capabilities for RIAs, including a new account onboarding workflow and an expedited origination process for our Pledged Asset Line® product. Finally, recognizing that certain client segments often have different needs, we announced new curated experiences for our high net worth and trader clients. Creating more tailored experiences for these individuals helps ensure they are getting the most from their relationship with Schwab.”

Mr. Bettinger finished, “As we move forward with our key initiatives, we remain as confident as ever in our “Through Clients’ Eyes” strategy. Our client focus has guided our culture and operating priorities for five decades and we believe it keeps us best positioned to sustain long-term profitable growth into the future.”

CFO Peter Crawford stated, “Schwab’s financial performance during 2023 reflected the challenges of navigating a market environment shaped by the Federal Reserve’s pronounced interest rate tightening policy and the follow-on effects stemming from the regional banking crisis in March. Total net revenues were down 9% versus prior year levels to $18.8 billion, as client cash realignment activity impacted our net interest revenue. The benefits of rising rates were more than offset by lower interest-earning assets and increased utilization of higher-cost supplemental funding, driving net interest revenue down 12% year-over-year to $9.4 billion. Asset management and administration fees rose to a record $4.8 billion, bolstered by rebounding equity markets as well as strong client interest in purchased money fund products and advisory solutions. A slightly different trading mix and softer volumes led trading revenue to decline 12% to $3.2 billion. On the expense front, GAAP spending grew by 10% to $12.5 billion to facilitate the Ameritrade integration, make investments across our strategic initiatives, and capture incremental cost savings of approximately $500 million that will be realized in 2024. Restructuring costs required to effect these savings totaled $495 million, while acquisition and integration-related costs and amortization of acquired intangibles were $401 million and $534 million, respectively. Exclusive of these items, adjusted total expenses (1) increased by 6% to $11.0 billion, approximately 2% of which reflected the $172 million FDIC special assessment. Together, the combination of our diversified revenue model and rigorous expense discipline enabled us to generate a 33.9% pre-tax profit margin for the full-year, or 41.5% on an adjusted basis (1). These results represent the 11th consecutive year of GAAP pre-tax margins exceeding 30% and the 5th consecutive year of an adjusted pre-tax margin above 40%.”

“Throughout 2023, our approach to balance sheet management continued to prioritize flexibility,” Mr. Crawford added. “We opportunistically raised $6.2 billion in senior notes to prepare for upcoming maturities as well as provide additional liquidity during the larger Ameritrade conversion weekends. While the pace of rate increases slowed substantially during the year, the upper bound of the Fed Funds target range still climbed to 5.50%. As expected, clients took advantage of the highest yields in nearly two decades by increasing their allocations to investment cash and fixed income alternatives available at Schwab. These movements caused Schwab’s balance sheet to shrink by $59 billion, or an 11% decline from the year-end 2022 level. As we have done since the onset of the current tightening cycle, we facilitated these client allocation decisions using cash flows from our investment portfolios as well as the continued utilization of certain supplemental funding sources, including Federal Home Loan Bank advances and retail certificates of deposit. We began to reduce our reliance on these additional sources – repaying 18% of peak balances reached in May 2023 – as realignment activity decelerated by almost 80% during the second half of the year, including a seasonal increase in client cash in December. Earlier in the year, we made the decision to temporarily suspend our stock buyback program after repurchasing 37 million shares for $2.8 billion during the first quarter of the year. This action allows us to more rapidly build our capital ratios inclusive of accumulated other comprehensive income via our healthy earnings power and lower capital intensity. The company’s preliminary consolidated Tier 1 Leverage and Adjusted Tier 1 Leverage (1) ratios increased to 8.5% and 4.9%, respectively. Ratios for Charles Schwab Bank, SSB (CSB) grew as well, with CSB’s preliminary Tier 1 Leverage finishing the year at 10.1%, or 5.4% on an adjusted basis (1).”

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Mr. Crawford concluded, “While 2023 presented a number of challenges, we stayed focused on meeting the evolving needs of our clients. Guided by our client-centric approach, we move ahead with confidence that our “through the cycle” financial formula keeps us positioned to deliver long-term stockholder value.”

(1) Further details on non-GAAP financial measures and a reconciliation of such measures to GAAP reported results are included on pages 10-12 of this release.

Commentary from the CFO
Periodically, our Chief Financial Officer provides insight and commentary regarding Schwab’s financial picture at: https://www.aboutschwab.com/cfo-commentary. The most recent commentary, which provides perspective on client cash realignment trends and second quarter revenue expectations, was posted on June 14, 2023.

Winter Business Update
The company will host its Winter Business Update for institutional investors this morning from 7:30 a.m. - 8:30 a.m. CT, 8:30 a.m. - 9:30 a.m. ET.

Registration for this Update webcast is accessible at https://www.aboutschwab.com/schwabevents.

Forward-Looking Statements
This press release contains forward-looking statements relating to the company’s strategy and approach; Ameritrade integration and deal-related attrition; opportunities for increased efficiency and resulting incremental annual expense savings; investment in client initiatives; profitable growth; positioning; business model; financial formula; stock repurchases; capital ratios; earnings power; balance sheet; and stockholder value. These forward-looking statements reflect management’s expectations as of the date hereof. Achievement of these expectations and objectives is subject to risks and uncertainties that could cause actual results to differ materially from the expressed expectations.

Important factors that may cause such differences include, but are not limited to, the company’s ability to attract and retain clients and independent investment advisors and grow those relationships and client assets; develop and launch new and enhanced products, services, and capabilities, as well as enhance its infrastructure and capacity, in a timely and successful manner; hire and retain talent; support client activity levels; successfully implement integration strategies and plans; capture Ameritrade deal expense synergies, streamline its operational design, align its real estate footprint, and harness the benefits of automation in order to deliver expected incremental annual expense savings, and the costs incurred in connection with such actions; manage expenses; and monetize client assets. Other important factors include client use of the company’s advisory solutions and other products and services; general market conditions, including the level of interest rates and equity valuations; higher than expected asset attrition from clients originating at Ameritrade; client cash allocation decisions; client sensitivity to rates; level of client assets, including cash balances; competitive pressures on pricing; the level and mix of client trading activity; market volatility; capital and liquidity needs and management; balance sheet positioning relative to changes in interest rates; interest earning asset mix and growth; new or changed legislation, regulation or regulatory expectations; and other factors set forth in the company’s most recent reports on Form 10-K and Form 10-Q.

About Charles Schwab
The Charles Schwab Corporation (NYSE: SCHW) is a leading provider of financial services, with 34.8 million active brokerage accounts, 5.2 million workplace plan participant accounts, 1.8 million banking accounts, and $8.52 trillion in client assets. Through its operating subsidiaries, the company provides a full range of wealth management, securities brokerage, banking, asset management, custody, and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiaries, Charles Schwab & Co., Inc., TD Ameritrade, Inc., and TD Ameritrade Clearing, Inc., (members SIPC, https://www.sipc.org), and their affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent, fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through Schwab Advisor Services. Its primary banking subsidiary, Charles Schwab Bank, SSB (member FDIC and an Equal Housing Lender), provides banking and lending services and products. More information is available at https://www.aboutschwab.com. TD Ameritrade, Inc. and TD Ameritrade Clearing, Inc. are separate but affiliated companies and subsidiaries of TD Ameritrade Holding LLC. TD Ameritrade Holding LLC is a wholly owned subsidiary of The Charles Schwab Corporation. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank.
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THE CHARLES SCHWAB CORPORATION
Consolidated Statements of Income
(In millions, except per share amounts)
(Unaudited)




Three Months Ended
December 31,		Twelve Months Ended
December 31,
2023202220232022
Net Revenues
Interest revenue$3,963 $3,841 $16,111 $12,227 
Interest expense(1,833)(812)(6,684)(1,545)
Net interest revenue2,130 3,029 9,427 10,682 
Asset management and administration fees (1)
1,241 1,049 4,756 4,216 
Trading revenue767 895 3,230 3,673 
Bank deposit account fees174 350 705 1,409 
Other147 174 719 782 
Total net revenues4,459 5,497 18,837 20,762 
Expenses Excluding Interest
Compensation and benefits1,409 1,488 6,315 5,936 
Professional services253 266 1,058 1,032 
Occupancy and equipment331 320 1,254 1,175 
Advertising and market development104 123 397 419 
Communications144 144 629 588 
Depreciation and amortization238 176 804 652 
Amortization of acquired intangible assets130 136 534 596 
Regulatory fees and assessments270 62 547 262 
Other386 184 921 714 
Total expenses excluding interest3,265 2,899 12,459 11,374 
Income before taxes on income1,194 2,598 6,378 9,388 
Taxes on income149 630 1,311 2,205 
Net Income1,045 1,968 5,067 7,183 
Preferred stock dividends and other119 147 418 548 
Net Income Available to Common Stockholders$926 $1,821 $4,649 $6,635 
Weighted-Average Common Shares Outstanding:
Basic1,823 1,864 1,824 1,885 
Diluted1,828 1,873 1,831 1,894 
Earnings Per Common Shares Outstanding (2):
Basic$.51 $.98 $2.55 $3.52 
Diluted$.51 $.97 $2.54 $3.50 

(1) No fee waivers were recognized for the three and twelve months ended December 31, 2023, or for the three months ended December 31, 2022. Includes fee waivers of $57 million for the twelve months ended December 31, 2022.
(2) The Company has voting and nonvoting common stock outstanding. As the participation rights, including dividend and liquidation rights, are identical between the voting and nonvoting stock classes, basic and diluted earnings per share are the same for each class.
        
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THE CHARLES SCHWAB CORPORATION
Financial and Operating Highlights
(Unaudited)
Q4-23 % change20232022
vs.vs.FourthThirdSecondFirstFourth
(In millions, except per share amounts and as noted)Q4-22Q3-23QuarterQuarterQuarterQuarterQuarter
Net Revenues
Net interest revenue(30)%(5)%$2,130 $2,237 $2,290 $2,770 $3,029 
Asset management and administration fees18 %1 %1,241 1,224 1,173 1,118 1,049 
Trading revenue(14)%— 767 768 803 892 895 
Bank deposit account fees(50)%(15)%174 205 175 151 350 
Other(16)%(15)%147 172 215 185 174 
Total net revenues(19)%(3)%4,459 4,606 4,656 5,116 5,497 
Expenses Excluding Interest
Compensation and benefits (1)
(5)%(20)%1,409 1,770 1,498 1,638 1,488 
Professional services(5)%(8)%253 275 272 258 266 
Occupancy and equipment3 %9 %331 305 319 299 320 
Advertising and market development(15)%2 %104 102 103 88 123 
Communications— (5)%144 151 188 146 144 
Depreciation and amortization 35 %20 %238 198 191 177 176 
Amortization of acquired intangible assets(4)%(4)%130 135 134 135 136 
Regulatory fees and assessmentsN/M137 %270 114 80 83 62 
Other (2)
110 %123 %386 173 180 182 184 
Total expenses excluding interest13 %1 %3,265 3,223 2,965 3,006 2,899 
Income before taxes on income(54)%(14)%1,194 1,383 1,691 2,110 2,598 
Taxes on income(76)%(42)%149 258 397 507 630 
Net Income(47)%(7)%1,045 1,125 1,294 1,603 1,968 
Preferred stock dividends and other(19)%10 %119 108 121 70 147 
Net Income Available to Common Stockholders(49)%(9)%$926 $1,017 $1,173 $1,533 $1,821 
Earnings per common share (3):
Basic(48)%(9)%$.51 $.56 $.64 $.84 $.98 
Diluted(47)%(9)%$.51 $.56 $.64 $.83 $.97 
Dividends declared per common share14 %— $.25 $.25 $.25 $.25 $.22 
Weighted-average common shares outstanding:
Basic(2)%— 1,823 1,821 1,820 1,834 1,864 
Diluted(2)%— 1,828 1,827 1,825 1,842 1,873 
Performance Measures
Pre-tax profit margin26.8 %30.0 %36.3 %41.2 %47.3 %
Return on average common stockholders’ equity (annualized) (4)
12 %14 %17 %23 %27 %
Financial Condition (at quarter end, in billions)
Cash and cash equivalents8 %30 %$43.3 $33.3 $47.7 $49.2 $40.2 
Cash and investments segregated(26)%71 %31.8 18.6 25.1 31.0 43.0 
Receivables from brokerage clients — net3 %(1)%68.7 69.1 65.2 63.2 66.6 
Available for sale securities(27)%(2)%107.6 110.3 125.8 141.3 147.9 
Held to maturity securities(8)%(2)%159.5 162.5 166.3 169.9 173.1 
Bank loans — net— — 40.4 40.3 40.1 40.0 40.5 
Total assets(11)%4 %493.2 475.2 511.5 535.6 551.8 
Bank deposits(21)%2 %290.0 284.4 304.4 325.7 366.7 
Payables to brokerage clients(13)%16 %84.8 72.8 84.8 87.6 97.4 
Other short-term borrowings (5)
40 %(13)%6.6 7.6 7.8 7.1 4.7 
Federal Home Loan Bank borrowings (5)
113 %(17)%26.4 31.8 41.0 45.6 12.4 
Long-term debt25 %5 %26.1 24.8 22.5 20.0 20.8 
Stockholders’ equity12 %8 %41.0 37.8 37.1 36.3 36.6 
Other
Full-time equivalent employees (at quarter end, in thousands)(7)%(8)%33.0 35.9 36.6 36.0 35.3 
Capital expenditures — purchases of equipment, office facilities, and property,
  net (in millions)		(6)%(20)%$199 $250 $168 $187 $211 
Expenses excluding interest as a percentage of average client assets (annualized)0.16 %0.16% 0.15% 0.17% 0.16% 
Clients’ Daily Average Trades (DATs) (in thousands)
(4)%— 5,192 5,218 5,272 5,895 5,389 
Number of Trading Days— — 62.5 62.5 62.0 62.0 62.5 
Revenue Per Trade (6)
(11)%— $2.36 $2.35 $2.46 $2.44 $2.66 
(1) Fourth quarter of 2023 includes $16 million in restructuring costs. Third quarter of 2023 includes $276 million in restructuring costs.
(2) Fourth quarter of 2023 includes $181 million in restructuring costs.
(3) The Company has voting and nonvoting common stock outstanding. As the participation rights, including dividend and liquidation rights, are identical between the voting and nonvoting stock classes, basic and diluted earnings per share are the same for each class.
(4) Return on average common stockholders’ equity is calculated using net income available to common stockholders divided by average common stockholders’ equity.
(5) Beginning in the first quarter of 2023, Federal Home Loan Bank borrowings are presented separately from other short-term borrowings. Prior period amounts have been reclassified to reflect this change.
(6) Revenue per trade is calculated as trading revenue divided by DATs multiplied by the number of trading days.
N/M Not meaningful. Percentage changes greater than 200% are presented as not meaningful.
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THE CHARLES SCHWAB CORPORATION
Net Interest Revenue Information
(In millions, except ratios or as noted)
(Unaudited)
Three Months Ended
December 31,		Twelve Months Ended
December 31,
2023202220232022
Average
Balance		Interest
Revenue/
Expense		Average
Yield/
Rate		Average
Balance		Interest
Revenue/
Expense		Average
Yield/
Rate		Average
Balance		Interest
Revenue/
Expense		Average
Yield/
Rate		Average
Balance		Interest
Revenue/
Expense		Average
Yield/
Rate
Interest-earning assets
Cash and cash equivalents$35,312 $475 5.27 %$38,067 $351 3.62 %$37,846 $1,894 4.94 %$57,163 $812 1.40 %
Cash and investments segregated23,830 314 5.16 %45,096 383 3.33 %28,259 1,355 4.73 %49,430 691 1.38 %
Receivables from brokerage clients62,602 1,260 7.88 %66,663 1,077 6.32 %61,914 4,793 7.64 %75,614 3,321 4.33 %
Available for sale securities (1,2)
118,831 647 2.16 %196,577 943 1.90 %137,178 2,987 2.17 %260,392 4,139 1.58 %
Held to maturity securities160,378 700 1.74 %146,384 626 1.70 %165,634 2,872 1.73 %112,357 1,688 1.50 %
Bank loans40,386 437 4.31 %40,531 366 3.59 %40,234 1,664 4.14 %38,816 1,083 2.79 %
Total interest-earning assets441,339 3,833 3.43 %533,318 3,746 2.77 %471,065 15,565 3.28 %593,772 11,734 1.96 %
Securities lending revenue78 88 419 471 
Other interest revenue52 7 127 22 
Total interest-earning assets$441,339 $3,963 3.54 %$533,318 $3,841 2.84 %$471,065 $16,111 3.39 %$593,772 $12,227 2.04 %
Funding sources
Bank deposits$280,380 $971 1.37 %$374,812 $438 0.46 %$306,505 $3,363 1.10 %$424,168 $723 0.17 %
Payables to brokerage clients61,781 66 0.43 %87,001 76 0.35 %66,842 271 0.41 %97,825 123 0.13 %
Other short-term borrowings (3)
6,724 95 5.63 %2,904 36 4.89 %7,144 375 5.25 %2,719 48 1.75 %
Federal Home Loan Bank borrowings (3)
31,630 423 5.28 %9,023 106 4.59 %34,821 1,810 5.14 %2,274 106 4.59 %
Long-term debt25,457 226 3.54 %20,837 135 2.59 %22,636 715 3.16 %20,714 498 2.40 %
Total interest-bearing liabilities405,972 1,781 1.74 %494,577 791 0.64 %437,948 6,534 1.49 %547,700 1,498 0.27 %
Non-interest-bearing funding sources35,367 38,741 33,117 46,072 
Securities lending expense51 20 147 48 
Other interest expense1 1 3 (1)
Total funding sources$441,339 $1,833 1.65 %$533,318 $812 0.60 %$471,065 $6,684 1.41 %$593,772 $1,545 0.26 %
Net interest revenue$2,130 1.89 %$3,029 2.24 %$9,427 1.98 %$10,682 1.78 %
(1) Amounts have been calculated based on amortized cost.
(2) Beginning in the first quarter of 2023, amounts include the impact of derivative financial instruments and the related hedge accounting on our available for sale securities.
(3) Beginning in the first quarter of 2023, Federal Home Loan Bank borrowings are presented separately from other short-term borrowings. Prior period amounts have been reclassified to reflect this change.
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THE CHARLES SCHWAB CORPORATION
Asset Management and Administration Fees Information
(In millions, except ratios or as noted)
(Unaudited)

Three Months Ended
December 31,		Twelve Months Ended
December 31,
2023202220232022
Average
Client
Assets		RevenueAverage
Fee		Average
Client
Assets		RevenueAverage
Fee		Average
Client
Assets		RevenueAverage
Fee		Average
Client
Assets		RevenueAverage
Fee
Schwab money market funds before fee
  waivers		$461,091 $299 0.26 %$243,587 $159 0.26 %$391,864 $1,034 0.26 %$179,791 $499 0.28 %
Fee waivers— — — (57)
Schwab money market funds461,091 299 0.26 %243,587 159 0.26 %391,864 1,034 0.26 %179,791 442 0.25 %
Schwab equity and bond funds, exchange-traded funds (ETFs), and collective trust funds (CTFs) 486,340 98 0.08 %421,238 86 0.08 %471,832 382 0.08 %433,005 364 0.08 %
Mutual Fund OneSource® and other
  no-transaction-fee funds
289,841 188 0.26 %219,965 149 0.27 %249,131 657 0.26 %202,015 602 0.30 %
Other third-party mutual funds and ETFs
572,027 97 0.07 %659,870 137 0.08 %640,689 490 0.08 %768,871 647 0.08 %
Total mutual funds, ETFs, and CTFs (1)
$1,809,299 682 0.15 %$1,544,660 531 0.14 %$1,753,516 2,563 0.15 %$1,583,682 2,055 0.13 %
Advice solutions (1)
Fee-based$465,266 475 0.41 %$424,407 445 0.42 %$458,114 1,868 0.41 %$441,336 1,854 0.42 %
Non-fee-based98,679 — — 87,804 — — 96,633 — — 89,525 — — 
Total advice solutions$563,945 475 0.33 %$512,211 445 0.34 %$554,747 1,868 0.34 %$530,861 1,854 0.35 %
Other balance-based fees (2)
664,774 65 0.04 %524,465 58 0.04 %608,170 254 0.04 %561,416 244 0.04 %
Other (3)
19 15 71 63 
Total asset management and administration fees$1,241 $1,049 $4,756 $4,216 
(1) Advice solutions include managed portfolios, specialized strategies, and customized investment advice such as Schwab Wealth AdvisoryTM, Schwab Managed PortfoliosTM, Managed Account Select®, Schwab Advisor Network®, Windhaven Strategies®, ThomasPartners® Strategies, Schwab Index Advantage advised retirement plan balances, Schwab Intelligent Portfolios®, Institutional Intelligent Portfolios®, Schwab Intelligent Portfolios Premium®, AdvisorDirect®, Essential Portfolios, Selective Portfolios, and Personalized Portfolios; as well as legacy non-fee advice solutions including Schwab Advisor Source and certain retirement plan balances. Average client assets for advice solutions may also include the asset balances contained in the mutual fund and/or ETF categories listed above. For the total end of period view, please see the Monthly Activity Report.
(2) Includes various asset-related fees, such as trust fees, 401(k) recordkeeping fees, and mutual fund clearing fees and other service fees.
(3) Includes miscellaneous service and transaction fees relating to mutual funds and ETFs that are not balance-based.
- 7 -

THE CHARLES SCHWAB CORPORATION
Growth in Client Assets and Accounts
(Unaudited)

Q4-23 % Change20232022
vs.vs.FourthThirdSecondFirstFourth
(In billions, at quarter end, except as noted)Q4-22Q3-23QuarterQuarterQuarterQuarterQuarter
Assets in client accounts
Schwab One®, certain cash equivalents and bank deposits
(20)%4 %$368.3 $353.1 $384.4 $408.5 $459.4 
Bank deposit account balances(23)%(2)%97.4 99.5 102.7 106.5 126.6 
Proprietary mutual funds (Schwab Funds® and Laudus Funds®) and CTFs
Money market funds (1)
71 %9 %476.4 436.3 392.9 357.8 278.9 
Equity and bond funds and CTFs (2)
22 %11 %186.7 167.9 172.6 163.1 153.6 
Total proprietary mutual funds and CTFs53 %10 %663.1 604.2 565.5 520.9 432.5 
Mutual Fund Marketplace® (3)
Mutual Fund OneSource® and other no-transaction-fee funds
30 %6 %306.2 288.0 254.6 244.3 235.7 
Mutual fund clearing services22 %8 %233.4 216.9 220.7 201.7 191.1 
Other third-party mutual funds (4)
5 %7 %1,126.5 1,055.3 1,150.8 1,123.6 1,077.1 
Total Mutual Fund Marketplace11 %7 %1,666.1 1,560.2 1,626.1 1,569.6 1,503.9 
Total mutual fund assets20 %8 %2,329.2 2,164.4 2,191.6 2,090.5 1,936.4 
Exchange-traded funds
Proprietary ETFs (2)
23 %12 %319.4 286.2 293.2 280.6 259.3 
Other third-party ETFs26 %13 %1,521.7 1,352.6 1,381.4 1,297.5 1,208.4 
Total ETF assets25 %12 %1,841.1 1,638.8 1,674.6 1,578.1 1,467.7 
Equity and other securities25 %10 %3,163.5 2,886.4 3,002.7 2,772.2 2,529.4 
Fixed income securities31 %4 %779.7 747.4 722.6 684.7 593.4 
Margin loans outstanding(1)%(4)%(62.6)(65.1)(62.8)(60.5)(63.1)
Total client assets21 %9 %$8,516.6 $7,824.5 $8,015.8 $7,580.0 $7,049.8 
Client assets by business
Investor Services23 %9 %$4,519.1 $4,157.7 $4,267.9 $4,001.9 $3,682.1 
Advisor Services19 %9 %3,997.5 3,666.8 3,747.9 3,578.1 3,367.7 
Total client assets21 %9 %$8,516.6 $7,824.5 $8,015.8 $7,580.0 $7,049.8 
Net growth in assets in client accounts (for the quarter ended)
Net new assets by business
Investor Services (5)
(61)%(13)%$25.0 $28.6 $36.0 $79.4 $64.3 
Advisor Services (6)
(36)%111 %41.3 19.6 36.0 71.3 64.1 
Total net new assets(48)%38 %$66.3 $48.2 $72.0 $150.7 $128.4 
Net market gains (losses)625.8 (239.5)363.8 379.5 277.2 
Net growth (decline)$692.1 $(191.3)$435.8 $530.2 $405.6 
New brokerage accounts (in thousands, for the quarter ended)
(2)%2 %910 894 960 1,042 931 
Client accounts (in thousands)
Active brokerage accounts (7)
3 %1 %34,838 34,540 34,382 34,120 33,758 
Banking accounts7 %2 %1,838 1,799 1,781 1,746 1,716 
Workplace Plan Participant Accounts (8)
9 %2 %5,221 5,141 5,003 4,845 4,807 
(1) Total client assets in purchased money market funds are located at: https://www.aboutschwab.com/investor-relations.
(2) Includes balances held on and off the Schwab platform. As of December 31, 2023, off-platform equity and bond funds, CTFs, and ETFs were $27.4 billion, $3.2 billion, and $107.2 billion, respectively.
(3) Excludes all proprietary mutual funds and ETFs.
(4) As of December 31, 2023, third-party money funds were $1.0 billion.
(5) Fourth quarter of 2023 includes net inflows of $2.4 billion from off-platform Schwab Bank Retail Certificates of Deposit (CDs) and outflows of $5.8 billion from an international relationship. Third quarter of 2023 includes net inflows of $3.3 billion from off-platform Schwab Bank Retail CDs. Second quarter of 2023 includes an inflow of $12.0 billion from a mutual fund clearing services client and inflows of $7.8 billion from off-platform Schwab Bank Retail CDs. First quarter of 2023 includes inflows of $19.0 billion from off-platform Schwab Bank Retail CDs.
(6) Fourth quarter of 2023 includes outflows of $6.4 billion from an international relationship. Third quarter of 2023 includes an outflow of $0.8 billion from an international relationship.
(7) Fourth quarter of 2022 includes the Company-initiated closure of approximately 350 thousand low-balance accounts.
(8) Beginning in the fourth quarter 2023, Retirement Plan Participants was expanded to include accounts in Stock Plan Services, Designated Brokerage Services, and Retirement Business Services. Participants may be enrolled in services in more than one Workplace business. Prior periods have been recast to reflect this change.

- 8 -

The Charles Schwab Corporation Monthly Activity Report For December 2023
20222023Change
DecJanFebMarAprMayJunJulAugSepOctNovDecMo.Yr.
Market Indices (at month end)
Dow Jones Industrial Average®
33,147 34,086 32,657 33,274 34,098 32,908 34,408 35,560 34,722 33,508 33,053 35,951 37,690 5 %14 %
Nasdaq Composite®
10,466 11,585 11,456 12,222 12,227 12,935 13,788 14,346 14,035 13,219 12,851 14,226 15,011 6 %43 %
Standard & Poor’s® 500
3,840 4,077 3,970 4,109 4,169 4,180 4,450 4,589 4,508 4,288 4,194 4,568 4,770 4 %24 %
Client Assets (in billions of dollars)
Beginning Client Assets7,320.6 7,049.8 7,480.6 7,380.2 7,580.0 7,631.5 7,650.2 8,015.8 8,241.0 8,094.7 7,824.5 7,653.4 8,180.6 
Net New Assets (1)
53.3 36.1 41.7 72.9 13.6 24.6 33.8 12.9 8.1 27.2 5.0 19.2 42.1 119 %(21)%
Net Market Gains (Losses)(324.1)394.7 (142.1)126.9 37.9 (5.9)331.8 212.3 (154.4)(297.4)(176.1)508.0 293.9 
Total Client Assets (at month end)7,049.8 7,480.6 7,380.2 7,580.0 7,631.5 7,650.2 8,015.8 8,241.0 8,094.7 7,824.5 7,653.4 8,180.6 8,516.6 4 %21 %
Core Net New Assets (1,2)
53.3 36.1 41.7 53.9 (2.3)20.7 33.8 13.7 4.9 27.1 11.3 21.7 43.1 99 %(19)%
Receiving Ongoing Advisory Services (at month end)
Investor Services499.8 524.6 515.5 526.2 530.7 526.3 547.5 560.6 552.2 533.0 522.2 557.0 581.4 4 %16 %
Advisor Services (3)
3,173.4 3,345.4 3,289.6 3,369.3 3,394.9 3,377.8 3,527.8 3,619.8 3,554.2 3,448.0 3,380.3 3,604.4 3,757.4 4 %18 %
Client Accounts (at month end, in thousands)
Active Brokerage Accounts
33,758 33,878 34,010 34,120 34,248 34,311 34,382 34,434 34,440 34,540 34,571 34,672 34,838 — 3 %
Banking Accounts 1,716 1,729 1,733 1,746 1,757 1,768 1,781 1,792 1,798 1,799 1,812 1,825 1,838 1 %7 %
Workplace Plan Participant Accounts (4)
4,807 4,817 4,839 4,845 4,869 4,962 5,003 5,030 5,037 5,141 5,212 5,212 5,221 — 9 %
Client Activity
New Brokerage Accounts (in thousands)330 344 320 378 331 314 315 303 311 280 284 286 340 19 %3 %
Client Cash as a Percentage of Client Assets (5,6)
12.2 %11.5 %11.6 %11.2 %10.8 %10.9 %10.5 %10.2 %10.4 %10.8 %11.2 %10.7 %10.5 %(20) bp(170) bp
Derivative Trades as a Percentage of Total Trades23.2 %23.0 %23.5 %22.8 %23.4 %23.5 %23.9 %23.0 %24.4 %24.2 %23.2 %23.1 %21.8 %(130) bp(140) bp
Selected Average Balances (in millions of dollars)
Average Interest-Earning Assets (7)
520,100 512,893 503,122 497,627 493,215 483,438 479,752 466,659 449,483 444,864 438,522 439,118 446,305 2 %(14)%
Average Margin Balances64,759 60,211 60,575 60,848 60,338 60,250 61,543 63,040 64,226 64,014 63,946 61,502 62,309 1 %(4)%
Average Bank Deposit Account Balances (8)
126,953 122,387 115,816 109,392 104,775 103,149 102,917 102,566 101,928 100,404 97,893 94,991 95,518 1 %(25)%
Mutual Fund and Exchange-Traded Fund
  Net Buys (Sells) (9,10) (in millions of dollars)
Equities(1,837)7,236 5,850 (3,234)1,126 (1,366)9,190 7,423 (278)675 (3,039)6,099 7,903 
Hybrid(1,595)(433)47 (1,641)(462)(889)(903)(407)(1,037)(828)(1,457)(1,466)(1,596)
Bonds(3,260)5,646 4,281 6,158 2,575 2,029 3,302 2,515 4,696 2,723 1,094 255 6,104 
Net Buy (Sell) Activity (in millions of dollars)
Mutual Funds (9)
(21,851)552 (2,338)(7,423)(4,904)(7,157)(4,485)(3,333)(6,476)(5,853)(12,245)(9,267)(7,406)
Exchange-Traded Funds (10)
15,159 11,897 12,516 8,706 8,143 6,931 16,074 12,864 9,857 8,423 8,843 14,155 19,817 
Money Market Funds27,778 24,285 23,347 27,106 6,291 15,256 9,112 7,911 16,869 13,388 16,976 11,670 7,745 
Note: Certain supplemental details related to the information above can be found at: https://www.aboutschwab.com/financial-reports.
(1) Unless otherwise noted, differences between net new assets and core net new assets are net flows from off-platform Schwab Bank Retail CDs – including March 2023 which reflects inflows of $19.0 billion from off-platform Schwab Bank Retail CDs issued year-to-date through March 31, 2023. Additionally, 2023 includes outflows from a large international relationship of $0.8 billion in September, $6.2 billion in October, $5.4 billion in November, and $0.6 billion in December, and an inflow of $12.0 billion from a mutual fund clearing services client in April.
(2) Net new assets before significant one-time inflows or outflows, such as acquisitions/divestitures or extraordinary flows (generally greater than $10 billion) relating to a specific client, and activity from off-platform Schwab Bank Retail CDs. These flows may span multiple reporting periods.
(3) Excludes Retirement Business Services.
(4) Beginning October 2023, Retirement Plan Participants was expanded to include accounts in Stock Plan Services, Designated Brokerage Services, and Retirement Business Services. Participants may be enrolled in services in more than one Workplace business. Prior periods have been recast to reflect this change.
(5) Schwab One®, certain cash equivalents, bank deposits, third-party bank deposit accounts, and money market fund balances as a percentage of total client assets.
(6) Beginning July 2023, client cash as a percentage of client assets excludes brokered CDs issued by Charles Schwab Bank. Prior periods have been recast to reflect this change.
(7) Represents average total interest-earning assets on the Company’s balance sheet.
(8) Represents average clients’ uninvested cash sweep account balances held in deposit accounts at third-party financial institutions.
(9) Represents the principal value of client mutual fund transactions handled by Schwab, including transactions in proprietary funds. Includes institutional funds available only to Investment Managers. Excludes money market fund transactions.
(10) Represents the principal value of client ETF transactions handled by Schwab, including transactions in proprietary ETFs.

- 9 -
THE CHARLES SCHWAB CORPORATION
Non-GAAP Financial Measures
(In millions, except ratios and per share amounts)
(Unaudited)
In addition to disclosing financial results in accordance with generally accepted accounting principles in the U.S. (GAAP), Schwab’s fourth quarter earnings release contains references to the non-GAAP financial measures described below. We believe these non-GAAP financial measures provide useful supplemental information about the financial performance of the Company, and facilitate meaningful comparison of Schwab’s results in the current period to both historic and future results. These non-GAAP measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may not be comparable to non-GAAP financial measures presented by other companies.

Schwab’s use of non-GAAP measures is reflective of certain adjustments made to GAAP financial measures as described below. Beginning in the third quarter of 2023, these adjustments also include restructuring costs, which the Company began incurring in connection with its previously announced plans to streamline its operations to prepare for post-integration of TD Ameritrade. See Part I – Item 1 – Note 10 of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 for additional information.
Non-GAAP Adjustment or MeasureDefinitionUsefulness to Investors and Uses by Management
Acquisition and integration-related costs, amortization of acquired intangible assets, and restructuring costs
Schwab adjusts certain GAAP financial measures to exclude the impact of acquisition and integration-related costs incurred as a result of the Company’s acquisitions, amortization of acquired intangible assets, restructuring costs, and, where applicable, the income tax effect of these expenses.

Adjustments made to exclude amortization of acquired intangible assets are reflective of all acquired intangible assets, which were recorded as part of purchase accounting. These acquired intangible assets contribute to the Company’s revenue generation. Amortization of acquired intangible assets will continue in future periods over their remaining useful lives.
We exclude acquisition and integration-related costs, amortization of acquired intangible assets, and restructuring costs for the purpose of calculating certain non-GAAP measures because we believe doing so provides additional transparency of Schwab’s ongoing operations, and is useful in both evaluating the operating performance of the business and facilitating comparison of results with prior and future periods.

Costs related to acquisition and integration or restructuring fluctuate based on the timing of acquisitions, integration and restructuring activities, thereby limiting comparability of results among periods, and are not representative of the costs of running the Company’s ongoing business. Amortization of acquired intangible assets is excluded because management does not believe it is indicative of the Company’s underlying operating performance.
Return on tangible common equityReturn on tangible common equity represents annualized adjusted net income available to common stockholders as a percentage of average tangible common equity. Tangible common equity represents common equity less goodwill, acquired intangible assets — net, and related deferred tax liabilities.Acquisitions typically result in the recognition of significant amounts of goodwill and acquired intangible assets. We believe return on tangible common equity may be useful to investors as a supplemental measure to facilitate assessing capital efficiency and returns relative to the composition of Schwab’s balance sheet.
Adjusted Tier 1 Leverage Ratio
Adjusted Tier 1 Leverage Ratio represents the Tier 1 Leverage Ratio as prescribed by bank regulatory guidance for the consolidated company and for CSB, adjusted to reflect the inclusion of accumulated other comprehensive income (AOCI) in the ratio.
Inclusion of the impacts of AOCI in the Company’s Tier 1 Leverage Ratio provides additional information regarding the Company’s current capital position. We believe Adjusted Tier 1 Leverage Ratio may be useful to investors as a supplemental measure of the Company’s capital levels.

The Company also uses adjusted diluted EPS and return on tangible common equity as components of performance criteria for employee bonus and certain executive management incentive compensation arrangements. The Compensation Committee of CSC’s Board of Directors maintains discretion in evaluating performance against these criteria.


- 10 -
THE CHARLES SCHWAB CORPORATION
Non-GAAP Financial Measures
(In millions, except ratios and per share amounts)
(Unaudited)
The tables below present reconciliations of GAAP measures to non-GAAP measures:
Three Months Ended December 31,Twelve Months Ended December 31,
2023202220232022
Total
Expenses Excluding Interest		Net
Income		Total
Expenses Excluding Interest		Net
Income		Total
Expenses Excluding Interest		Net
Income		Total
Expenses Excluding
Interest		Net
Income
Total expenses excluding interest (GAAP),
  Net income (GAAP)		$3,265 $1,045 $2,899 $1,968 $12,459 $5,067 $11,374 $7,183 
Acquisition and integration-related costs (1)
(67)67 (101)101 (401)401 (392)392 
Amortization of acquired intangible assets(130)130 (136)136 (534)534 (596)596 
Restructuring costs (2)
(216)216 — — (495)495 — — 
Income tax effects (3)
N/A(91)N/A(54)N/A(338)N/A(237)
Adjusted total expenses (non-GAAP),
  Adjusted net income (non-GAAP)		$2,852 $1,367 $2,662 $2,151 $11,029 $6,159 $10,386 $7,934 
(1) Acquisition and integration-related costs for the three and twelve months ended December 31, 2023 primarily consist of $29 million and $187 million of compensation and benefits, $24 million and $135 million of professional services, $7 million and $28 million of occupancy and equipment, and $1 million and $27 million of other. Acquisition and integration-related costs for the three and twelve months ended December 31, 2022 primarily consist of $54 million and $220 million of compensation and benefits, $38 million and $140 million of professional services, and $7 million and $21 million of occupancy and equipment.
(2) Restructuring costs for the three and twelve months ended December 31, 2023 primarily consist of $16 million and $292 million of compensation and benefits, $15 million and $17 million of occupancy and equipment, and $181 million of other for each period. There were no restructuring costs for the three and twelve months ended December 31, 2022.
(3) The income tax effects of the non-GAAP adjustments are determined using an effective tax rate reflecting the exclusion of non-deductible acquisition costs and are used to present the acquisition and integration-related costs, amortization of acquired intangible assets and restructuring costs on an after-tax basis.
N/A Not applicable.

Three Months Ended December 31,Twelve Months Ended December 31,
2023202220232022
Amount% of
Total Net Revenues		Amount% of
Total Net Revenues		Amount% of
Total Net Revenues		Amount% of
Total Net Revenues
Income before taxes on income (GAAP),
  Pre-tax profit margin (GAAP)		$1,194 26.8 %$2,598 47.3 %$6,378 33.9 %$9,388 45.2 %
Acquisition and integration-related costs67 1.5 %101 1.8 %401 2.1 %392 1.9 %
Amortization of acquired intangible assets130 2.9 %136 2.5 %534 2.9 %596 2.9 %
Restructuring costs
216 4.8 %— — 495 2.6 %— — 
Adjusted income before taxes on income (non-GAAP),
  Adjusted pre-tax profit margin (non-GAAP)		$1,607 36.0 %$2,835 51.6 %$7,808 41.5 %$10,376 50.0 %

Three Months Ended December 31,Twelve Months Ended December 31,
2023202220232022
AmountDiluted
EPS		AmountDiluted
EPS		AmountDiluted
EPS		AmountDiluted
EPS
Net income available to common stockholders (GAAP),
  Earnings per common share — diluted (GAAP)		$926 $.51 $1,821 $.97 $4,649 $2.54 $6,635 $3.50 
Acquisition and integration-related costs67 .04 101 .05 401 .22 392 .21 
Amortization of acquired intangible assets130 .07 136 .07 534 .29 596 .31 
Restructuring costs
216 .12 — — 495 .27 — — 
Income tax effects(91)(.06)(54)(.02)(338)(.19)(237)(.12)
Adjusted net income available to common stockholders
  (non-GAAP), Adjusted diluted EPS (non-GAAP)		$1,248 $.68 $2,004 $1.07 $5,741 $3.13 $7,386 $3.90 

- 11 -
THE CHARLES SCHWAB CORPORATION
Non-GAAP Financial Measures
(In millions, except ratios and per share amounts)
(Unaudited)
Three Months Ended December 31,Twelve Months Ended December 31,
2023202220232022
Return on average common stockholders’ equity (GAAP)
12 %27 %16 %18 %
Average common stockholders’ equity
$30,179 $26,823 $29,334 $36,605 
Less: Average goodwill(11,951)(11,951)(11,951)(11,952)
Less: Average acquired intangible assets — net(8,325)(8,856)(8,524)(9,084)
Plus: Average deferred tax liabilities related to goodwill
  and acquired intangible assets — net		1,790 1,842 1,805 1,870 
Average tangible common equity$11,693 $7,858 $10,664 $17,439 
Adjusted net income available to common stockholders (1)
$1,248 $2,004 $5,741 $7,386 
Return on tangible common equity (non-GAAP)43 %102 %54 %42 %
(1) See table above for the reconciliation of net income available to common stockholders to adjusted net income available to common stockholders (non-GAAP).

(Preliminary)
December 31, 2023
CSCCSB
Tier 1 Leverage Ratio (GAAP)
8.5 %10.1 %
Tier 1 Capital
$40,602 $31,777 
Plus: AOCI adjustment(18,131)(15,746)
Adjusted Tier 1 Capital22,471 16,031 
Average assets with regulatory adjustments
476,069 315,851 
Plus: AOCI adjustment(19,514)(17,194)
Adjusted average assets with regulatory adjustments$456,555 $298,657 
Adjusted Tier 1 Leverage Ratio (non-GAAP)
4.9 %5.4 %
- 12 -
v3.23.4
Document and Entity Information
Jan. 17, 2024
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Jan. 17, 2024
Entity File Number 1-9700
Entity Registrant Name SCHWAB CHARLES CORP
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 94-3025021
Entity Address, Address Line One 3000 Schwab Way
Entity Address, City or Town Westlake
Entity Address, State or Province TX
Entity Address, Postal Zip Code 76262
City Area Code 817
Local Phone Number 859-5000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000316709
Amendment Flag false
Common Stock [Member]  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock – $.01 par value per share
Trading Symbol SCHW
Security Exchange Name NYSE
Series D Preferred Stock [Member]  
Entity Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/40th ownership interest in a share of 5.95% Non-Cumulative Preferred Stock, Series D
Trading Symbol SCHW PrD
Security Exchange Name NYSE
Series J Preferred Stock [Member]  
Entity Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/40th ownership interest in a share of 4.450% Non-Cumulative Preferred Stock, Series J
Trading Symbol SCHW PrJ
Security Exchange Name NYSE
Charles Schwab (NYSE:SCHW-J)
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