Wednesday was a bloodletting for brokers, with the Securities Broker-Dealer Index losing 13%. Amid the wreckage, Charles Schwab
On a continuing basis (eliminating the effect of the sale of U.S. Trust to Bank of America
Operationally, the story looks even rosier, with clients adding assets in the quarter and trading more frequently -- the number of daily revenue trades rose 12% year on year. Volatility and heavy trading volume don't hurt companies that operate toll roads to the market!
Sure, Schwab had to eat some losses on debt securities of Lehman Brothers and Washington Mutual
There is the small matter of price
Full-service brokers such as Morgan Stanley
Schwab's stock has suffered approximately a 20% decline year to date -- less than its peers TD AMERITRADE
More credit crisis Foolishness: