Charles Schwab & Co. cracked the $1 billion mark in net sales of
That set a company record for stock fund sales in a single month since
"It seems like we're following what's happening industry-wide," said
The previous high mark for monthly net sales of stock funds was $855.5
By comparison, net sales of bond funds through May 28 amounted to only
May's results were built on hefty sales through the company's OneSource
At the end of April, assets held in long-term mutual funds at Schwab
The top five banks and thrifts have combined total assets of nearly $13 trillion.
After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
The Federal Reserve's Office of the Inspector General says the Fed has yet to fulfill 65 recommendations, and also identified 18 outstanding issues at the Consumer Financial Protection Bureau.
The bank will use biometric authentication to streamline checkout in stores starting in 2025. It has already completed internal and external pilots of the technology.
Banks reported nearly $27 billion had been tied up in scams or theft against elderly people in a recent 12-month period, according to a report from the U.S. Treasury.
The Federal Deposit Insurance Corp. says it's ready to wind down the global systemically important banks. But until that happens, many in the banking industry are skeptical that regulators have actually developed a workable strategy to end "too big to fail."
