The Charles Schwab Corporation
name
The Charles Schwab Corporation
id
SCHW
summary
The Charles Schwab Corporation is an American multinational financial services company offering banking, commercial banking, investing, and related services including consulting, and wealth management advisory services to both retail and institutional clients. It has over 380 branches, primarily in financial centers in the United States and the United Kingdom. It ranks tenth on the list of largest banks in the United States by assets. As of December 31, 2023, it had $8.5 trillion in client assets, 34.8 million active brokerage accounts, 5.2 million corporate retirement plan participants, and 1.8 million banking accounts. Founded in San Francisco, California, and headquartered in Westlake, Texas, the company was established as Charles Schwab & Co. in 1971 by Charles R. Schwab Sr. It pioneered discount sales of equity securities following the financial deregulation of the 1970s. The company was purchased by Bank of America in 1983 but was bought back by its founder in 1986. It has since expanded significantly, including the acquisitions of The 401(k) Company, OptionsXpress, Compliance11, Inc., ThomasPartners, Wasmer, Schroeder & Company, USAA's investment management accounts, and TD Ameritrade.
industry
Financial services
founded
1971
headquarters
Westlake, Texas, U.S.
number_of_locations
c. 380 branches (2023)
key_people
Charles R. Schwab(co-chairman), Walter W. Bettinger II(co-chairman & CEO)
services
Commercial banking, Personal banking, Stockbroker, Investing and related services, Wealth management, Investment portfolios, Investment management, Financial planning
revenue
US$18.84 billion (2023)
operating_income
US$6.378 billion (2023)
net_income
US$5.067 billion (2023)
AUM
US$8.517 trillion (2023)
total_assets
US$493.2 billion (2023)
total_equity
US$40.96 billion (2023)
owner
Toronto-Dominion Bank (9.9%), Charles R. Schwab (6.1%)
number_of_employees
c. 33,000 (2023)
subsidiaries
Charles Schwab Bank, Charles Schwab Investment Management, Inc., Charles Schwab Futures, Inc., Charles Schwab Premier Bank, OptionsXpress, Schwab Performance Technologies, Charles Schwab Foundation, Charles Schwab Trust Bank, Schwab Holdings, Inc., Scottrade, Schwab Network, TD Ameritrade
website
www.aboutschwab.com, www.schwab.com