Schwab CEO Rick Wurster: AI trading agents need 'rules of the road'

Wurster's comments come as AI-driven trading gains traction on platforms such as Robinhood and Coinbase. Rather than rejecting the trend, he framed it as a matter of process: clients should define a methodology, build a workflow with the agent, and supervise it, much as they would place a limit order on Schwab's site today.

That distinction matters because Schwab is preparing to launch Charley, an AI-powered conversational assistant that will not be an agentic trading bot. Out of the gate, Charley will handle administrative tasks such as changing an address or naming a trusted contact, with the company envisioning it becoming a "front door" to the Charles Schwab platform over time.

Schwab's third quarter, which did not involve AI agents trading for humans, showed strong organic growth. Adjusted earnings rose 29% year over year to $1.69 a share, topping Wall Street expectations, and revenue climbed 17% to a record $7.17 billion, just shy of analyst estimates. The company attracted a record $190.4 billion in core net new assets, up 38% from a year ago, as daily average trading volume jumped 44% to 10.7 million trades. Net interest revenue increased 14% to $3.48 billion. Still, Evercore ISI analyst Glenn Schorr noted an expense-driven EPS beat was overshadowed by a net interest income miss and softer fiscal year guidance, with slower client cash growth increasing reliance on higher-cost wholesale funding.