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Articles tagged "Walter Bettinger"


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Walt Bettinger: 'The executive team made sort of an informal pact.'

Walt Bettinger discloses expiration of unknown 'pact' to explain to Schwab investors why Bernie Clark, Peter Crawford and Joe Martinetto all chose to exit at once

The 'sort of informal' deal was struck in 2019, but never revealed to shareholders during the merger transition, until the departures were announced -- in one press release -- this month.

May 25, 2024 at 2:45 AM

Bernie Clark: It’s bittersweet to step back when I know that the RIA industry is on the precipice of its next big chapter.

Bernie Clark, renowned in RIA circles, is the highest-profile executive to leave in a Schwab shake out of veteran talent, but only after his 'unmatched' feat -- adding nearly 9,000 RIAs and $4 trillion in assets to Schwab custody

The 14-year head of Schwab RIA custody kept both CEO Walter Bettinger and heads of 15,000 RIAs happy in an incredible juggling act of corporate and entrepreneurial goals

May 17, 2024 at 2:53 AM

Walter Bettinger: Right when things often seem the darkest, they tend to turn around and begin to appear brighter.

A buoyant Schwab CEO Walter Bettinger declares 'darkest' days past for Schwab as in-house RIA asset quarterly inflows surge 60%, but analyst's 'free-cash' question raises his ire

The Charles Schwab Corp. results boomed and shares spiked as legacy TD Ameritrade branch brokers deliver on driving brokerage assets into fee-based Schwab RIA products; net new assets supassed $100 billion

April 16, 2024 at 1:38 AM

Walt Bettinger never mentioned Bitcoin at Schwab's annual update, but may just be keeping his powder dry, analysts say.

Schwab only platforms third-party spot Bitcoin ETFs, mostly Fidelity and BlackRock, but don't be surprised if it 'shocks the world' with deep-cheap ETF, analyst says

The Westlake, Texas $8.5 trillion giant avoids conflicts and marketing costs, but could it go 'big and disruptive' at any time in a fee-sensitive market

January 27, 2024 at 2:59 AM

In March 2023, Charles 'Chuck' Schwab (left) and Walt Bettinger penned an unprecedented letter to assure investors.

Charles Schwab Corp. gets over 'hump' after furious bond rally takes bite out Schwab Bank's $19.6 billion in unrealized losses, though debt overhang could still take a decade to erase

The Westlake, Texas, brokerage's stock plunged 33% last Spring, but has clawed back as unrealized losses fall $4 billion on possibility of Fed rate cut in 2024.

December 28, 2023 at 2:01 AM

Walt Bettinger: Circumstances can change.

As more prominent Schwabbies emerge amid 2,000 layoffs, Schwab CEO reassures that no 'meaningful' second shoe-drop is 'in the works at this point,' unless 'circumstances' dictate it

Middle-managment cuts range from legal department and alternatives to separately managed accounts (SMAs) and products serving the high-net-worth market.

November 9, 2023 at 2:30 AM

Walter Bettinger: Annual savings will come from streamlining our operating model.

Schwab again declines to say which staffers will get pink slips by Christmas to save $500-million in 2024 expenses, and the math remains sketchy

Two months have passed since the Aug. 21, 8k announcement that Schwab expects to let go perhaps a thousand or more of its 32,000-member staff in 2023-- though it assures the layoffs won't be client-facing

October 18, 2023 at 2:28 AM

Walt Bettinger: Even the most negative observers have acknowledged the skill and attention to detail that is going into our integration efforts.

Schwab CEO tells Wall Street threat of TD Ameritrade RIAs bolting ended months ago, with potential defectors holding fast to avoid repapering headaches

Walt Bettinger says he 'feel(s) exceptionally good' that 'all' RIA defections landed over the summer, and TDA RIAs have since been 'rewarding us with ... loyalty.'

October 17, 2023 at 2:13 AM

Tom Bradley: “It wasn’t easy, but the cats were successfully herded.

Schwab's high-wire, low-glitch TD Ameritrade RIA custody transition commenced with an improbable hire -- Tom Bradley Jr. -- sources say the two are not coincidental

Schwab Advisor Services was able to 'herd the cats,' who chose TD Ameritrade, often to avoid Schwab; it's used judicious planning, patience, tech savvy but also good communications and an inimitable Tom Bradley-brand of RIA politics.

September 6, 2023 at 12:28 AM

Charles 'Chuck' Schwab and Walt Bettinger: Focusing on ‘unrealized losses’ is very misleading.

Schwab assures it has financial muscle to shrug off billions of dollars in unrealized bank losses, but interest rate blunder exposes vulnerability if Fed hikes continue, analysts say

An estimated 16,000 RIAs with $3.3 trillion assets custodied at Schwab Advisor Services should be insulated from any calamity at bank subsidary.

March 30, 2023 at 3:48 AM

Walt Bettinger:  [Exiting Russia] was the right thing to do.

Schwab shares surge 6% after it hardens TD Ameritrade merger date and affirms its $1.8-billion-plus in synergies, though it got burned by having engineers in the wrong place at the wrong time

The $8-trillion Texas firm had to rewire TDA's signature 'thinkorswim' software after learning engineers were based in heavily sanctioned Russia

October 27, 2022 at 10:23 PM

Walt Bettinger is playing his crypto cards carefully.

Schwab's late entry into the 'crypto' game with a 'spaghetti' product just might be primo

With investors undeterred by crypto winter, the SEC offering wiggle room and Fidelity, a largely unopposed giant, threatening to run away with the market, CEO Walt Bettinger makes a bold leap from even two years ago.

August 3, 2022 at 1:59 AM

Walt Bettinger and Chuck Schwab co-hosted the virtual annual meeting last year and tweeted out this photo.

Chuck Schwab reveals Part B, doubling-down on Walt Bettinger by making him co-chair, a day after Part A -- wagering $15 billion from the Schwab corporate treasury on the CEO's future leadership

The 84 year-old founder's elevation of his 61-year-old protege may foretell bigger fireworks from Rick Wurster who recently took over many of Bettinger's CEO duties, one executive recruiter says.

July 30, 2022 at 12:41 AM

Walt Bettinger: I kept saying, ‘I have no issue with that whatsoever.'

Walt Bettinger finally arrives in Omaha, Neb., to meet-and-greet ex-TDA staff and the local press, offering a good story to tell and liberalized post-Covid work policies

The Charles Schwab Corp. CEO traveled to TD Ameritrade's former headquarters with senior TDA staff, buoyed by the happy news that headcount jumped by 300.

March 23, 2022 at 2:24 AM

Rick Wurster has broad authority over Schwab retail, RIA custody, 401(k), international and asset management.

Walt Bettinger sheds 'president' title and Bernie Clark gets new boss as Schwab appoints Rick Wurster as president and No. 2 in charge

The Schwab CEO gets 2016 'Windhaven' hire to share burden of governance from enormity of $8-trillion post-TDA, post-USAA, post-Motif growth.

December 20, 2021 at 11:59 PM

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