Schwab misses profit and revenue marks but adds new clients as investors turn to savings accounts and fixed income in rough period for stocks

Charles Schwab Corp. customers turned to more bond and savings account holdings in a tough year for stocks, the online broker said Wednesday.

Schwab’s SCHW stock fell 4% after it missed Wall Street forecasts for fourth-quarter earnings and revenue, while providing insights into how investors behaved in the worst stock market since the Global Financial Crisis. Schwab’s fourth-quarter revenue rose 17% to just under $5.5 billion, below the Wall Street target of $5.55 billion.

In the face of rocky financial markets, Schwab said it added 4 million new accounts in 2022, bringing its total to 34 million. Total client assets ended the year at $7.05 trillion, down from $8.14 trillion at the end of 2021.

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