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开奖号码历史查询:profit and sales plunged on a decline in interest revenue and a regulatory char🌠ge.  

Schwab posted fourth quarter 澳洲幸运5开奖号码历史查询: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开奖号码历史查询:Federal Reserve interest rate hikes and the spillover effects of the banking crisis impacted the company’s financial results 🃏thr𝓡oughout 2023.

Like other major financial companies, Schwab paid a special 澳洲幸运5开奖号码历史查询:Federal Deposi𝓡t🌞 Insurance Corporation (FDIC) assessment to cover the costs of the collapse of 澳洲幸运5开奖号码历史查询:Silicon Valley Bank and 澳洲幸运5开奖号码历史查询:Signature Bank. The $172 million charge made up about one-third of the additional $11 billion in expenses Schwab had in ♎the quarter.

Crawford added th♛at the benefits of high interest rates were more than offset by lower interest-earning asset𝓡s 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 trajectory of the U.S. economy, persistent geopolitical unrest, and a temporary disruption within the regional banking sector.”

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.