Core net new client assets gathered in the second quarter were $61.2 billion, up 17% year-over-year, which brought the year-to-date total to $156.8 billion. This indicates strong organic growth.

The company completed the final client account conversions from Ameritrade in Q2 2024. However, the company continues to experience some related attrition of client assets from retail accounts and RIAs, although the amount of attrition is below initial estimates.

Management estimates that investable wealth in the U.S. exceeds $70 trillion, while the company's client assets are $9.41 trillion, indicating substantial opportunity for growth.

Total expenses excluding interest were down 1% YoY in both the second quarter and first six months of 2024, reflecting lower acquisition and integration-related costs, as well as the benefits of the company's cost reduction restructuring efforts undertaken in late 2023.

The company expects to realize the remaining estimated cost synergies from the Ameritrade integration by the end of 2024, with anticipated full year synergy realization beginning in 2025.

The company continues its diligent approach to balance sheet management, seeking to prioritize flexibility. Total balance sheet assets decreased 4% during the second quarter and 9% from year-end 2023 to June 30, 2024.

The U.S. Department of Labor adopted a final rule to significantly broaden the definition of “fiduciary” under the Employee Retirement Income Security Act of 1974, which could impact the company's business. However, the rule's effectiveness is stayed pending resolution of litigation.

The company recognized additional pre-tax charges of $5 million in Q2 2024 and $30 million in the first half of 2024 related to incremental Federal Deposit Insurance Corporation (FDIC) special assessments.

The company notes that client cash allocations and sensitivity to deposit rates are important factors that may cause actual results to differ, impacting net interest revenue.

Active brokerage accounts reached 35.6 million at quarter-end, up 4% year-over-year, indicating a solid competitive position in attracting and retaining clients.

The company acknowledges competitive pressure on pricing, including deposit rates, as a factor that could impact their business.

Management states that its strategy is based on the principle that developing trusted relationships will translate into more client assets, ultimately driving more revenue and building long-term stockholder value.

Total expenses excluding interest were $2.9 billion in the second quarter and $5.9 billion in the first six months of 2024, down 1% from both comparable periods in 2023, reflecting lower acquisition and integration-related costs and the benefits of cost reduction efforts.

Acquisition and integration-related costs totaled $175 million in the second quarter and $315 million in the first six months of 2024, down 34% and 37% from the comparable periods in 2023, indicating improved efficiency in managing integration expenses.

The company has realized approximately $500 million of incremental run-rate cost savings in addition to integration synergies through streamlining operations.

Capital expenditures decreased to $92 million in the second quarter and $214 million in the first six months of 2024, primarily due to lower purchased and internally developed software as the Ameritrade client account transitions were completed.

The company continues to enhance its technological infrastructure to support growth of the business, which is reflected in increased depreciation and amortization expenses.

The company is making capital expenditures to support the Ameritrade integration and enhance its technological infrastructure to support business growth.

The company updated its long-term operating objective to be its consolidated adjusted Tier 1 Leverage Ratio of 6.75% - 7.00%, indicating a focus on capital management.

The company's share repurchase authorization remains at $15 billion, with approximately $8.7 billion remaining as of June 30, 2024. However, there were no repurchases of common stock during the quarter.

The company continues to return capital to stockholders through dividends, with $919 million paid in dividends to common and nonvoting common stockholders in the first six months of 2024.

The provided 10-Q filing does not contain any specific information regarding environmental commitments, social responsibility initiatives, or governance practices.

The macroeconomic environment reflected generally positive investor sentiment and engagement, as equity markets continued to advance in the second quarter of 2024.

Inflation remained above the Federal Reserve's target of 2%, although readings late in the second quarter showed progress, increasing expectations for the Federal Reserve to cut rates later this year.

Equity markets, primarily led by technology stocks, continued to advance, with the S&P 500® rising 4% in the second quarter and 14% in the first half of the year.