TD Ameritrade Growing Despite Volatility: CEO
How do you grow as a brokerage in a volatile world? You take a long-term view and grow from within, TD Ameritrade CEO Fredric Tomcyzk told CNBC.
Trading volume was good in October but slowed to a crawl by December, he said.
"It's pretty difficult to take the volatility out. It is what it is," he said Tuesday after his company reported earnings that beat expectations by 1 cent.
"The trading environment we’re seeing now will not last," he added. "We’ve been through these types of environments before and sooner or later they come to an end."
He said the online brokerage's customers "continue to log in at record levels, so we feel good about that. They’re just looking for something in the markets to give them some conviction to go one way or the other."
Tomcyzk said the company bought back over 1 percent of its stock during its fiscal quarter, taking advantage of market conditions. The company raised its dividend in October.
He said the company, with $406 billion in client assets, had "very good organic growth momentum. We’ve gathered assets of over $10 billion in this quarter ... We keep a tight check on expenses and use our balance sheet to take advantage of opportunities."