2023-06-22 16:35:34 ET
Stifel Financial ( NYSE: SF ) said Thursday its total client assets of $402.4B slipped 1% from the prior month and gained 1% from a year ago as equity market weakness offset solid recruiting.
Deposits increased in May and cash sorting continued to slow during June, Chairman and CEO Ronald J. Kruszewski pointed out.
For the second quarter, the company estimated that investment banking and transactional revenue will drop 10%-15% and 5%-10%, respectively, from Q1, as operating conditions for the businesses "remain challenging," Kruszewski said.
As of May 31, fee-based client assets of $147.6B slipped 1% both M/M and Y/Y.
Private Client Group fee-based client assets stood at $129.5B, also down 1% M/M and Y/Y.
Bank loans on a net basis (includes loans held for sale) came in at $20.8B, off slightly from $20.9B at April 30 and up from $19.1B at May 31, 2022.
Client money market and insured products of $25.1B edged down 1% from a month ago and 8% from the year-earlier period.
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Stifel Financial client assets slip 1% in May due to weak equity markets