Schwab CEO: the Stock-trading Boom is Here to Stay
Dow Jones
Jul 21
It's been a knockout quarter for Wall Street's biggest banks and brokerages. Charles Schwab CEO Rick Wurster says the trading boom that powered his company's profits could be here to stay.
"I think you've seen a structural shift in people wanting to be engaged and wanting to invest," Wurster told analysts this morning.
Investors are trading options in larger numbers, using artificial intelligence to tweak their portfolios and tuning into markets at younger ages, he added. Big market moments like the SpaceX IPO have also offered a boost to activity.
"All of that is leading toward a more sustained period of high levels of trading," Wurster said.
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