The Charles Schwab Corporation (NYSE:SCHW) 2022 Summer Business Update Conference July 28, 2022 11:00 AM ET

Company Participants

Jeff Edwards - MD, IR

Walt Bettinger - Co-Chairman and CEO

Rick Wurster - President

Peter Crawford - CFO

Conference Call Participants

Ken Worthington - JPMC

Rich Repetto - Piper Sandler

Dan Fannon - Jefferies

Craig Siegenthaler - Bank of America

Brian Bedell - Deutsche Bank

Jeff Edwards

Good morning, everyone. Welcome to Schwab's 2022 Summer Business Update. This is Jeff Edwards, Managing Director of Investor Relations. I can only imagine how unsettling it might be for some of our more tenured update attendees to not hear the soothing rhythm of Mr. Fowler's voice kicking off the webcast this morning. But fear not, he is here comfortably perched right next to me in his best Ariat boots as we broadcast live from our headquarters in Westlake, Texas.

We once again have our esteemed [tripart] of our presenters for our 60-minute session today, which will include prepared remarks followed by Q&A.

Walt Bettinger, along with Rick Wurster will provide a strategic update including insights into the current investor mindset as they navigate what has proven to be a challenging time in the market. Peter Crawford will then review our recent record financial performance as well as discuss our current financial outlook before taking us to Q&A, which I will help moderate.

[Operator Instructions] A friendly reminder that today's materials will be posted to the IR website at the beginning of Peter's remarks.

Last, but certainly not least, please do not forget to review our lovely wall of words, which reminds us all that outcomes can differ from expectations. So please stay up today with our disclosures.

With all that behind us, it's time to dive in. Walt, over to you.

Walt Bettinger

Thanks a lot, Jeff, and good morning, everyone. Thanks for investing some time to listen-in on our July business update. So 3 months ago, I emphasized the word consistency during our time together. And I stressed the way consistency plays a critical role at Schwab. A consistent business strategy, a consistent commitment to feeding the virtuous cycle and innovating on behalf of investors, a consistent financial reporting cadence, a consistent commitment to our employees and the communities that we live and work in.

And in a consistent long-term approach that is focused not just on the current year, but on years to come. And today, as we discuss our second quarter results and our viewpoint for the future, the benefits of our consistent strategy and commitment to clients, I think, is highly evident. Because it's times like these when investor's sentiment is negative when the equity markets are falling, these are the times that separate companies who chase headlines and/or focus on short-term success from a company like Schwab, a company built to last, a company built to succeed in all environments. By serving investors and advisers in good times and difficult times, while also delivering the superior financial results that you see.