Charles Schwab (SCHW) shares sank close to 3% in early trading Wednesday after the discount brokerage and financial services firm reported 澳洲幸运5官方开奖结果体彩网:profit and sales plunged on a decline in interest revenue and a regulatory charge♒.  

Schwab posted fourth quarter 澳洲幸运5官方开奖结果体彩网:net income of $1.05 billion, a 47% drop from a year earlier. Revenue fell 19% to $4.46 billion. Net interest revenue slid 30% to $2.13 billion. 

CFO Peter Crawford said that 澳洲幸运5官方开奖结果体彩网:Federal Re𝓀serve interest rate hikes and the spillover effects of the banꦰking criꦬsis impacted the company’s financial results throughout 2023.

Like other major financial companies, Schwab paid a special 澳洲幸运5官方꧃开奖结果体彩网:Federal Deposit Insurance Corporation (FDIC) assessment to cover the costs of the collapse of 澳洲幸运5官方开奖结果体彩网:Silicon Valley Bank and 澳洲幸运5官方开奖结果体彩网:Signature Bank. The $172 million charge made up about one-third of the additional $11 billion in expenses Schwab ha🥂d in the qua𒁏rter.

Crawford added that tꩵhe benefits of high interest rates were more than offset by lower interest-earning assets and increased utilization of higher-cost supplemental funding.

CEO Walt Bettinger said the company performed well during the year despite “an uneven environment with shifting views on the 𒈔trajectory of the U.S. economy, persistent geopolitical unrest, and a temporary disruption within the regional banking se🎃ctor.”

Shares of Charles Schwab were down 2.9% at $62.50 per share as of 11:45 a.m. ET Wednesday following the news. They've lost about one-quarter of their value over the past year.