In a company announcement on Thursday, Charles Schwab, a financial services and brokerage firm, said it netted $53B in assets in March to reach the second-highest mark in company history.
"Of course, the Fed’s actions to decrease the money supply and raise interest rates will naturally increase our cost of funding and consequently have some impact on earnings," Schwab said.
"While the first quarter was a challenging time, reflecting negative investor sentiment, ongoing interest rate hikes, and regional banking turmoil, Schwab’s client-centric growth model remains firmly intact and is performing well," the company added in the statement.
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