Articles tagged "The Charles Schwab Corp."
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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
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
Fresh wave of TD Ameritrade RIAs are speaking out 30-days after Schwab Advisor Services merger, complaining about more red tape and problems befalling clients -- stress levels high
Not just social media savvy RIAs, but principals of smaller, classic, all-TDA shops are listing a litany of issues -- the tip of an iceberg, according to small RIA custodians.
October 7, 2023 at 6:13 AM
Charles Schwab Corp. CFO proclaims TD Ameritrade RIA conversion a 'tremendous success,' but Wall Street dour after he also disclosed TDA-'originated' $20-billion-plus assets flowed out in August
Peter Crawford points out the $1.3-trillion in converted RIA custody assets equals 100% of all TDA assets in October 2019 and that the RIA accounts were 40% more than all of retail's transition in May
September 16, 2023 at 3:09 AM
No sooner does Schwab disclose need for (up to) $500 million than it files with SEC for $2.35 billion cash injection by debt issuance and shares tumble 4.95%
Charles Schwab Corp. is seeking of $2.35 billion, report says -- shares give ground for 11th straight day after news triggers PTSD of the Spring swoon and giant write-downs on previous debts, analyst suggests
August 23, 2023 at 1:46 AM
Charles Schwab Corp. discloses imminent, sweeping 'TD Ameritrade' layoffs, indirectly revealed in new SEC filing that reports it will expense severance mostly in 2023 to gain 'incremental' $500 million synergy in 2024 and beyond
The Westlake, Texas, firm had not previously disclosed the cost of terminations -- people and offices -- or that so many of the farewells will happen by Dec. 30
August 22, 2023 at 12:46 AM
Charles Schwab Corp. goes back on offense in banking -- promising to pump out discount loans with RIA help -- after rapid Fed rate hikes exposed extreme vulnerability in bank's asset base
After dodging classic rate squeeze, the discount broker will use its 10,000 RIA custody clients to put cash to work as equity loans against client portfolios
August 8, 2023 at 1:17 AM
In apparent reversal, Charles Schwab Corp. is telling thousands of staffers in five cities to work from home -- six more cities, including its old San Francisco headquarters, are on the chopping block
The Westlake, Texas, company broke the news to staff in a memo obtained by RIABiz, announcing a mass downsizing of office space that could slash overhead
July 13, 2023 at 1:31 AM
Overshadowed by Schwab's 'unrealized' loss overhang, the company gained 500,000 TD Ameritrade clients in February, putting $500 billion in held-away TDA assets in play
The Westlake, Texas, company seeded some good news about the windfall from its merger at yesterday's analyst call, amid the storm surrounding its balance sheet.
April 19, 2023 at 3:28 PM
Walt Bettinger comes out swinging during analysts' call, and shares pop, on assurances Schwab can ride out gale force interest rate pressure on its balance sheet
The Schwab CEO deflected blame, promised to stay 'conservative,' and left Wall Street analysts wondering why Schwab won't dump bonds and offer better rates for client sweep cash
April 18, 2023 at 3:01 AM
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
Charles 'Chuck Schwab' called James Gorman to protest a two-broker poach, kicking off a hydra-headed legal battle, costing Morgan Stanley millions, so far
The Schwab founder and chairman invoked Charles Schwab Corp.'s zero-tolerance policy against Wall Street -- or RIA -- poaching of talent and AUM from Schwab branches.
March 9, 2023 at 1:23 AM
RIA recap: Bernie Clark promises to 'be there' for coming TDA-Schwab system snafus; Fidelity gets custody win; Vanguard dishes out big tax bill to investors
Schwab RIA chief petitions for 'patience' for coming merger inconveniences but 'repapering' is no culprit; Carrie Pomerantz gets Schwab board seat; Addepar wins $65 billion AUM contract.
November 3, 2022 at 1:59 AM
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
Apex nabs Jon Patullo from 'Schwabitrade' to 'raise the bar' and make his new firm's RIA system as 'frictionless' as the old one
The loved and admired TD Ameritrade software chief will bring his playbook -- and possibly Schwab's -- to Apex, which continues to try putting a winning front-end on its old Penson backend, a source says
