TD Ameritrade client trades were down 22 percent in May from a year ago, a sign investor sentiment is changing, Chief Executive Fredric Tomcyzk told CNBC Thursday.
Client trades averaged 378,000 a day in May, down 22 percent from May 2010 and down 6 percent from April 2011, he said.
"Sentiment in the market has changed quite a bit in the last month," he said. "Four or five weeks ago people were pretty bullish. I think sentiment has turned."
He said the biggest slowdown was at month's end. However, he acknowledged there is usually a slowdown in trading around Memorial Day weekend, so he couldn't say if that was a factor in the results.
The brokerage company had a 26 percent increase in total client assets to approximately $420 billion from May 2010, although that was down 1 percent from April 2011. Average fee-based balances were $82.5 billion, up 33 percent from May 2010 and up 1 percent from April 2011.