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Articles tagged "The Charles Schwab Corp."


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Maggie Serravalli keeps showing up in top roles.

Fidelity hits staggering $12.6 trillion in 2023, bids adieu to headhunted retail chief, beats Schwab's performance -- not least because it doesn't own a bank -- and sees Maggie Serravalli's star shine

Retail was Fido's weakest division with 3% growth and its chief departed; it's B2B units -- 401K and custody/clearing -- jumped 6% each; Serravalli now serves as the company’s chief administrative officer.

February 9, 2024 at 5:33 AM

Schwab is shedding staffers at TDA Institutional Jersey City offices..

Charles Schwab filed in November under New Jersey WARN laws for October layoffs in Jersey City -- the former TD Ameritrade RIA custody headquarters; the layoffs become official Feb. 5 under NJ labor laws

The Westlake, Texas company disclosed the planned February cuts in a state filing and their relation to big cuts first reported in July, and executed in October

January 31, 2024 at 2:14 AM

SF Mayor London Breed: Taking steps to turn around the Golden Gate City.

Schwab IMPACT is back in San Francisco -- its old stomping grounds -- a boost for the city after Schwab dumped it, and it struggled post-COVID

Pushed to perhaps its latest date ever, Nov. 19-21, the 2024 event will swing from Right Coast Philadelphia to Left Coast 'Frisco, at a venue yet to be announced.

January 30, 2024 at 3:17 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

Walt Bettinger: Perhaps it was the most challenging in my time at Schwab.

CEO Walt Bettinger had to explain why retention of TD Ameritrade assets is so good yet Schwab's fourth quarter net new assets still took a nosedive

Schwab is experiencing little slippage at all from TDA investors but unseen, largely inexplicable, investor malaise took a bite out of the triumph

January 18, 2024 at 4:06 AM

Andrew Kadjeski: 'We saw this as an opportunity to offer a cash product the Vanguard way.'

After many beta tests, Vanguard finally launches bank cash product for non-Vanguard investors, a U-turn but also likely thorn in the side of Schwab, Fidelity

High-yield but low frills, the Malvern, Pa., giant's long tip-toe back to cash makes it a me-too filler product but perhaps effective.

January 10, 2024 at 3:11 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

John Khoury: While I was at Schwab... much of the investment management was built to scale or handled by third parties.

Charles Schwab & Co. broker with $1 billion book breaks away 'amicably'

John Khoury spent 14 years in Schwab Chestnut Hill and Framingham branches; he will only keep his assets at Schwab

December 4, 2023 at 10:33 PM

Schwab can keep its debt ratio low by raising funds by selling shares at favorable prices.

After Charles Schwab Corp. shares soar 13% in three days, it files S-3 with SEC to sell shares -- a new liquidity option after debt raise and massive belt tightening

Since the March banking debacle, Schwab has borrowed billions but not sold equity; now it has a shelf registration in its back pocket as it shares climb from super lows

December 2, 2023 at 12:42 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

Fidelity is making sure more cash flows into Boston by default.

Fidelity reveals it switched its RIA sweep default to a much lower-yielding FCash product, on new accounts, during Schwab's very pre-occupied week; new yield still beats Schwab's by about 300%, but advisors are sure to be irked

The No. 2 Boston custodian will jack up the revenue it gets from RIA custody because it can pay their clients much less for cash -- as long as RIAs are too lazy to do cash sorting.

November 4, 2023 at 2:12 AM

Kartik Srinivasan: I was impacted by the staff reductions at Schwab this week.

Schwab 2,000-layoff aftershocks roil the industry as it's revealed top tech talent -- led by widely regarded veteran Kartik Srinivasan -- were axed, raising questions about future of Schwab innovation

Behind every layoff a human story as pink slip to an 'unbelievable talent' epitomizes company's determination to cut $500 million in expenses.

November 3, 2023 at 3:49 AM

Phil Waxelbaum: 'It'll be a lot of people home for Christmas.'

With the swiftness of a lightning strike, Charles Schwab Corp. fires as many as 2,000 employees with no public announcement, affecting legacy Schwab, as well as TD Ameritrade staffers

Cuts sweep up the chain of command to executive, supervisory levels – divisions thought sacrosanct hit and many positions are client-related, but not client-facing, RIABiz learns

October 30, 2023 at 10:44 PM

Bernie Clark: 'I want to tell the positive story.'

Bernie Clark chides TD Ameritrade RIAs during Schwab IMPACT for publicly airing merger transition 'negatives,' but RIAs say Schwab was quick to grease squeaky wheels

The Schwab RIA chief told the 2,500 attendees that people with negative experiences should 'tell us before you spin out into another place...' and 'we'll figure it out.'

October 27, 2023 at 2:50 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


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