Charles Schwab (SCHW) shares jumped in early trading on ꦰMonday after the discount brokera💫ge and investment firm posted better-than-expected earnings, and said it was embarking on a major cost-cutting plan.

Schwab reported fiscal 2023 third quarter earnings per share of $0.77, beating estimates. Revenue slipped 16% from a year ago to $4.61 billion, just short of forecasts. Net interest revenue of $2.24 billion was more than anticipated.

The firm also indicated that 澳洲幸运5开奖号码历史查询:bank sweep deposits increased in September for the first time sinಌce ꧋March 2022. 

The results came during a period when Schwab absorbed an🧔d converted $1.3 trillion in TD Ameritrade client assets, noting that the changeover during the Labor Day weekend was the largest in industry history.

CEO Walt Bettinger explained that concurrent with the Ameritrade integration, Schwab would be focusing on “advancing our strategic key initiatives.” He pointed out that the company “has identified a number of opportunities for increased efficiency,” th⛎at once fully implemented are expected to provide at least $1 billion in incremental annual expense savings.

Shares of Charles Schwab were close to 5% higher as of noon E.T. on Monday following the news. However, even with Monday's gains, shares of Charles Schwab have lost more than one-third of their value so far this year.