Charles Schwab (SCHW) shares jumped in early trading on Monday after the discount brokerage and investment firm posted better-than-expected earnings, and said it w🐻as embarking on a major cost-cutting plan.

Schwab reported fiscal 2023 third quarter earnings per share of $0.77, beating estimates. Revenue slipped 16% from a year ago to $4.61 billion, just short of forecasts. Net interest revenue of $2.24 billion was more than anticipated.

The firm also indicated that 澳洲幸运5官方开奖结果体彩网:bank sweep deposits increased in September for the fi𝓡rst time sincཧe March 2022. 

The results came during a period when Schwab absorbed and co🐽nverted $1.3 trillion in TD Ameritrade client assets, noting that theꦑ changeover during the Labor Day weekend was the largest in industry history.

CEO Walt Bettinger explained that concurrent with the Ameritrade integration, Schwab would be focusing on “advancing our strategic key initiatives.” He pointed out that the company “ha🐼s identified a nu𝓀mber of opportunities for increased efficiency,” that once fully implemented are expected to provide at least $1 billion in incremental annual expense savings.

Shares of Charles Schwab were close to 5% higher as of noon E.T. on Monday following the news. However, even with Monday's gains, shares of Charles Schwab have lost more than one-third of their value so far this year.