FILE PHOTO: The company logo for Financial broker Charles Schwab is displayed at a location in the financial district in New York
Rate hikes by the U.S. Federal Reserve have compelled companies like Schwab to increase the interest they pay on deposits - a crucial source of capital that is used to invest in interest-earning assets and give out loans.Its shares fell 1.2% in trading before the bell. Asset management and administration fees, earned from managing mutual funds and exchange-traded funds, jumped 21% to $1.35 billion.
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