Charles Schwab Stock Slumps as Fed Rate Hikes and FDIC Charge Squeeze Profit

Key TakeawaysCharles Schwab shares fell after reporting its earnings and revenue declined in the fourth quarter as interest revenue dropped and it paid a regulatory charge.Profit was cut nearly in half, and interest revenue slumped 30% from a year ago.A Federal Deposit Insurance Corporation charge of $172 million made up about one-third of the company's increased expenses in the period.Charles Schwab (SCHW) shares sank close to 3% in early trading Wednesday after the discount brokerage and financial service ...