Charles Schwab Corporation

Schwab works in four main areas: investing, money management, banking and trading . As of December 31, 2016, the company had 10.155 million active brokerage client accounts with assets in the amount of US $ 2.779 trillion. ^[2] The company operates 335 branches in 46 states, as well as branches in Puerto Rico and London . ^[2]

In 1963, Charles R. Schwab and two other partners launched the Investment Indicator , an investment newsletter. ^[3] In the midst of the newsletter, there were 3,000 subscribers, each of whom paid $ 84 per year for a subscription. ^[3] In April 1971, the company was registered in California as First Commander Corporation, a subsidiary of Commander Industries, Inc., for traditional brokerage services and the publication of the Schwab Investment Bulletin. In November of that year, Schwab and four other people acquired all the shares of Commander Industries, Inc., and in 1972 Schwab bought all the shares from what was once Commander Industries. ^[3] In 1973, the company name changed to Charles Schwab & Co., Inc. ^[3]

In 1975, the U.S. Securities and Exchange Commission authorized agreed commission rates, and Schwab created brokerage discounts. ^[3] In September 1975, Schwab opened its first branch in Sacramento , California, and began offering brokerage services . In 1977, Schwab began offering customer seminars, and by 1978, Schwab had 45,000 customer accounts, which doubled to 84,000 in 1979. In 1980, Schwab created the industry's first 24-hour quote, and the total number of customer accounts grew to 147,000. ^[3] In 1981, Schwab became a member of the NYSE , and the total number of client accounts grew to 222,000. In 1982, Schwab opened its first international office in Hong Kong , and the number of client accounts was 374,000. ^[one]

In 1983, the company was bought by Bank of America for $ 55 million. ^[3] In 1964, the company launched 140 mutual funds without a load. In 1987, management, including Charles R. Schwab, bought the company from Bank of America for $ 280 million. ^{[4] [3]}

In 1991, the company acquired Mayer & Scweitzer, a market maker that allowed Schwab to fulfill orders from its customers without sending them to the exchange. ^[5] In 1997, Mayer & Schweitzer was fined $ 200,000 for failing to arrange the best deals for her clients. ^[6] In 2000, the division was renamed Schwab Capital Markets. ^[7]

In 1993, the company opened its office in London . ^[3]

Hampton was acquired in 1995, founded by Walter W. Bettinger, who became Schwab's CEO in 2008. ^{[8] [3]}

In 2000, Schwab acquired the US Trust for $ 2.73 billion. ^[9] In 2001, less than a year after the acquisition of the US Trust, the US Trust subsidiary was fined $ 10 million in bank secrecy cases. It was required to pay $ 5 million to the New York State Department of Banking and $ 5 million to the Federal Reserve Board. ^[10] On November 20, 2006, Schwab announced an agreement to sell the US Trust to Bank of America for $ 3.3 billion in cash. ^[11] The transaction was closed in the second quarter of 2007.

In November 2003, Schwab announced the acquisition of SoundView Technology Group for $ 345 million in stock analysis . ^{[12] [3] [13]}

David S. Pottrack, who spent 20 years at the brokerage firm as the “right hand” Charles R. Schwab, shared the title of CEO with the founder of the company from 1998 to 2003. In May 2003, Schwab resigned and gave Potock sole control as CEO. On July 24, 2004, Pottruck left the board of the company, Charles R. Schwab again headed the company. News of Pottruk’s exclusion from the board came after the company announced that total profit fell 10% to $ 113 million, which was largely due to a 26% decline in revenue from trading in customer shares.

Returning to control, Schwab admitted that the company “lost touch with our heritage” and quickly reoriented the business to providing financial advice to individual investors. He also refused to pay royalties to Pottruk. The company recovered, and in 2005 earnings and stocks began to rise. The stock price has risen to 151% since the departure of Pottruk, and ten times since the return of Charles Schwab. ^{[14] The} company's net transfer assets, or assets received from other firms, quadrupled from 2004 to 2008.

Due to the company's relatively low exposure to mortgage-backed securities , the company was largely able to avoid the shocks of the 2007-2008 financial crisis , which seriously damaged many competitors. However, she began selling clients a tool called YieldPlus, which had subprime mortgages, resulting in huge losses for some investors. ^[fifteen]

In 2007, the company acquired The 401 (k) Company. ^{[16] [3]}

On July 22, 2008, Walter W. Bettinger, the former Chief Operating Officer, was appointed Chief Executive Officer. Charles R. Schwab remained the company's executive chairman and said in a statement that he would "continue to serve as a very active chairman." Bettinger said: “Chuck and I have worked closely together for many years in preparation for this transition, and we will continue to work closely together in our respective roles as Executive Chairman and Chief Executive Officer.” ^[fourteen]

In 2011, the company acquired OptionsXpress. ^[17]

In 2012, the company acquired ThomasPartners, an asset management company . ^[eighteen]

In 2004, Havas Worldwide (then called Euro RSCG) was selected by Charles Schwab as a full-cycle advertising agency.
In February 2013, Schwab announced that they had hired Crispin Porter + Bogusky (CP + B) as their leading creative agency, with Havas Worldwide left to create ads for ActiveTrader and OptionsXpress. ^[19] In March 2015, Adweek announced marketing materials created by CP + B for Schwab's Intelligent Portfolio service. ^[twenty]

Since 2005, the company has launched a series of television commercials with the slogan “Talk to Chuck”. The television commercial was produced by Havas Worldwide (then called Euro RSCG). Talk to Chuck ads appeared in print media, online, on billboards, and in affiliates. ^[21]

In 2013, an advertising campaign was launched under the slogan “Build your future.” ^[22]

The Schwab Charitable Fund is a donor-funded fund that maintains the anonymity of donors without revealing the names of individual donors to the fund. Professionally managed accounts are only available through independent investment advisers working with Schwab Advisor Services, Charles Schwab's business segment. He accepts deposits of real estate, direct investment or other non-monetary assets through a charitable intermediary, and the proceeds from your donation are transferred to the account recommended by the donors. This broker reviews donations on a case-by-case basis with a typical requirement that assets be valued at $ 250,000 or more. ^[23]

• Company official website
• Schwab Intelligent Portfolios
• Schwab charitable fund