The Charles Schwab Corporation (NYSE:SCHW) 2023 Spring Business Update Conference Call April 17, 2023 9:00 AM ET
Company Participants
Jeff Edwards - MD, IR
Walt Bettinger - Co-Chairman and CEO
Rick Wurster - President
Peter Crawford - CFO
Conference Call Participants
Dan Fannon - Jefferies
Rich Repetto - Piper Sandler
Alex Blostein - Goldman Sachs
Ken Worthington - JPMC
Brian Bedell - Deutsche Bank
Mike Cyprys - Morgan Stanley
Bill Katz - Credit Suisse
Ben Budish - Barclays
Jeff Edwards
Good morning, everyone, from the Lone Star state, and welcome to Schwab's 2023 Spring Business Update. This is Jeff Edwards, Head of Investor Relations, and I'm joined today by our Co-Chairman and CEO, Walt Bettinger; President, Rick Wurster and CFO, Peter Crawford. Before we jump into the presentation, I'd like to touch on a few housekeeping items. Today's setup is obviously a little bit unique with the business update immediately following this morning's release of our strong first quarter results. That being said, our time here today will still be dedicated to providing you with a broad strategic update of our growing business.
Similar to past events, I will be helping facilitate Q&A. So given recent events, the team has a fair amount they like to share with you. So dedicated Q&A time may end up being slightly shorter than usual. Therefore, it is very important that we all strictly adhere to the one question, no follow-up format that has been in place now for several quarters. And we also ask that you vector clarifying a more tactical questions regarding the recently reported quarter to the IR team.
Today's slides should be available on the IR website momentarily. And finally, before we move on, let's not forget the mighty wall of words, which reminds us all that the future is uncertain, so please stay in touch with our disclosures. I'd like to turn it over to Walt then.
Walt Bettinger
Thank you, Jeff, and hello, everyone. Thanks for joining us for our April business update. This is an important opportunity for our team at Schwab to speak directly with all of you to speak with accuracy and facts and to speak with clarity and transparency. We know that the past few weeks have been very challenging for long-term stockholders, which, of course, all of our executives at Schwab are also, me included.
Let me start by making a few crystal clear statements. First, our clients, although curious and somewhat surprised about the downward movement in our stock price, remain fully engaged with us and are bringing substantial assets to Schwab on both the retail side and the RIA advisor side. We are winning in the marketplace among clients. Anyone suggesting otherwise, is mistaken.