STATE STREET CORPORATION DEP SHS REP 1/4000 PER PFD NON CUM SER G

$Charles Schwab(SCHW.US) Q1 results were decent, but expectations were lofty. The market may flag a slight revenue miss and a QoQ decline in NIM.

After a strong Feb operating update, management guided to 16% Q1 revenue growth (vs. 14.5% then-consensus). That effectively raised the bar a month early.

1) Key metrics — NNA and NIM. For now, if we boil Schwab’s biz down to the basics...