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BUSINESS
February 11, 2004 | From Bloomberg News
Charles Schwab Corp. said Tuesday that it would overhauling its services to individual investors to win more business from customers with $100,000 to $1 million in assets. "There is a glaring blind spot in serving that group," Chief Executive David Pottruck said at a briefing in New York. "Investors will have the ability to pay for the services they want and won't have to pay for the things they don't want."
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BUSINESS
November 17, 2003 | From Bloomberg News
In an e-mail sent to employees, Charles Schwab Corp. said Sunday that its investigation of illegal mutual fund activities had found 18 after-hours trades and five arrangements allowing investors to buy and sell rapidly. Two employees who deleted e-mails sought in the investigation have been fired, the company said.
BUSINESS
May 26, 2004 | From Bloomberg News
Charles Schwab Corp., the biggest discount brokerage, said Tuesday that it would cut trading commissions by as much as 67% to compete with lower-cost Internet brokers such as E-Trade Financial Corp. and Ameritrade Holding Corp. The move could reduce total revenue by 2% to 3% over the next 12 months, Schwab warned. The San Francisco-based firm said it planned "significant restrictions on new hiring" to help allay the financial effect of the commission cuts.
BUSINESS
September 1, 2004 | From Associated Press
Backpedaling from a recent expansion, Charles Schwab Corp. is selling an institutional investment and research division to Swiss banking giant UBS for $265 million, another step in the struggling stock brokerage firm's push to regain its Main Street appeal. The all-cash deal, announced Tuesday, represents a humbling about-face for San Francisco-based Schwab, which will sustain a substantial loss on the sale of its SoundView Capital Markets group.
BUSINESS
July 29, 2004 | From Associated Press
Charles Schwab Corp. said Wednesday that it planned to close 53 more branches and that it had laid off an additional 245 workers, beginning an upheaval that the brokerage firm telegraphed last week when it abruptly changed CEOs. The office closures represent 16% of Schwab's 339 branches across the country. The retreat will leave Schwab with fewer than 290 branches, down from about 400 three years ago.
BUSINESS
October 4, 2000 | From Bloomberg News
Charles Schwab Corp. said Tuesday that Vice Chairman Steven L. Scheid will become president of its retail business, succeeding Linnet F. Deily, who will join a newly created office of the president to focus on strategy at the biggest online brokerage. Chris Dodds, Scheid's successor last year as chief financial officer, will now report directly to Schwab President and co-Chief Executive David S. Pottruck instead of Scheid.
BUSINESS
December 22, 2000 | From Times Staff and Wire Reports
A growing number of companies are turning a chain saw on their cost structures, desperate to send a positive message about their stocks to Wall Street. But that message probably isn't making a lot of employees happy. Discount brokerage Charles Schwab Corp. this week told employees that it will start the new year by slashing the salaries of its management team by up to 50%.
BUSINESS
January 19, 2005 | From Associated Press
Charles Schwab Corp.'s fourth-quarter profit dropped 64%, reflecting the toll of the latest reorganization aimed at reinvigorating the long-slumping stock brokerage. The San Francisco-based company said Tuesday that it earned $53 million, or 4 cents a share, in the fourth quarter, compared with $148 million, or 11 cents, during the same period in 2003. Revenue totaled $1.1 billion, up slightly from the previous year.
BUSINESS
March 29, 2003 | Walter Hamilton, Times Staff Writer
San Francisco-based Charles Schwab Corp., the nation's largest online brokerage, disclosed Friday that its top two executives received salary increases last year but eschewed annual bonuses and relinquished three years of stock-option grants as the firm continued to struggle in the bear market. Company founder Charles Schwab was paid $883,334, a 36% jump from the previous year, according to a government filing.
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