Charles Schwab (US)

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Charles Schwab is a leading US-based brokerage firm. Founder Chuck Schwab originally set up in the 1960s as an independent investment advisor and established a general retail brokerage firm in 1971. For a few years in the 1980s the business was owned by BankAmerica Corp, but it was bought out by Schwab and his management team in 1987, and has been independent since then. The company is best-known now for its online share trading services, the #1 in its sector ahead of rival E*Trade, but this serves primarily as a loss leader for advisory services. The company continues to operate a chain of around 300 retail branches spread across the US offering brokerage as well as investment products, banking and other services. In 2011 it acquired options specialist OptionsXpress, which continues to operate under its existing name. The group currently manages around 10.2m brokerage accounts with combined client assets of almost $2.8 trillion. Revenues dipped sharply in the recent recession but have been steadily rising since then, finally topping pre-recession levels in 2013. In 2016, topline jumped by 17% to a record $7.5bn, and net income was up by almost a third. Trading commissions accounted for only 10% of revenues, with the bulk split between advisory fees and earned interest on managed cash. Walt Bettinger is CEO, but founder Charles Schwab remains chairman. Subscribers may access account assignments and contact information. The searchable account assignments database is available to full subscribers to premium services. Click here to access Adbrands account assignments (subscribers only); or see here for information on how to subscribe.

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Who are the competitors of Charles Schwab? see Financial & Insurance Sector

Capsule checked 24th March 2017

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