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Website: http://www.schwab.com Career
Site Schwab meets the needs of individual and institutional clients through three primary business segments: * Investor Services provides retail brokerage and banking operations to millions of individuals. The company has 8 million client brokerage accounts, 1.5 million corporate retirement plan participants, 690,000 banking accounts, and $1.57 trillion in client assets. Clients include domestic and international individual investors, independent investment advisors and corporate retirement and investing plan sponsors. Charles Schwab is a leading provider of discount brokerage services both online and at retail offices. In January, Schwab lowered the price of online trades to $8.95 from $12.95. Schwab has over 300 branch offices across the U.S. in 45 states, one branch in Puerto Rico and one branch in London. Hong Kong clients are served through a subsidiary. In 2010, Schwab reported revenues of $4.24 billion, a 1% increase, and net income of $454 million. CEO Walt Bettinger said, “New brokerage account openings rose by 5% in 2010 and exceeded 750,000 for the fourth consecutive year, net new assets totaled $78.1 billion excluding significant one-time flows, down from 2009 due to the environment, but once again exceeding the pace reported by any other firm, and total client assets were up 11% year-over-year. This continued growth in our client base - along with ongoing recovery in the equity markets - enabled us to rebound from a 19% decline in revenues during 2009 to a 1% increase in 2010, despite absorbing over $200 million in additional money fund management fee waivers.” History In 1963, Charles Schwab and two other partners launch Investment Indicator, an investment advisory newsletter. At its height, the newsletter had 3,000 subscribers, each paying $84 a year to subscribe. Schwab opened his first brokerage in 1975 offering discounts on commissions. The company opened its first office outside of California in Seattle in 1977. The Bank of America acquired Schwab for $57 million in 1983. In 1987, management leads a buyback from Bank of America for $280 million and Charles Schwab would go public in September, 1987. The company launched its website in 1995 and began offering online trading in 1996. On July 1, 2007, the company completed the sale of all of the outstanding stock of U.S. Trust Corporation. On March 31, 2007, the company completed its acquisition of The 401(k) Company, which offers retirement plan services. Benefits - Medical - 401(k) Basic Match and Discretionary
Profit Contribution - Schwab Learning & Development Updated January 19, 2011 |