Charles Schwab Corporation
The Charles Schwab Corporation is a leading American multinational financial services firm headquartered in San Francisco, California, in the city’s Financial District. As of 2019, it ranks as the 14th largest banking institution in the U.S. with more than $3.3 trillion in client assets. Charles Schwab is also the third-largest asset manager globally, following BlackRock and Vanguard. The company is renowned for its electronic trading platforms, investor education resources, and discount brokerage services, particularly its reduced or zero trading commission fees.
Founded in 1971 by Charles Schwab as Charles Schwab & Co., the firm capitalized on the financial deregulation of the 1970s to revolutionize the sale of equity securities at discounted rates. After opening its first office in Sacramento, the company expanded to Seattle and grew further with investments in technology, automation, and digital record-keeping during the economic boom of the 1980s. Charles Schwab was the first firm to offer round-the-clock order entry and quotes. In 1983, it was acquired by Bank of America for $55 million, only to be bought back by Schwab in 1986 for $280 million following the firm’s success with no-charge mutual funds. The company embraced the Digital Revolution by offering online trading starting in 1994, eliminating account fees by 2005, and introducing commission-free funds in 2011.
Charles Schwab provides a variety of services, including commercial banking, stock brokerage, and wealth management advisory for both retail and institutional clients. While the company has a strong online presence, it also operates 345 physical branches across the U.S. and the UK, primarily in major metropolitan financial centers. Known for its memorable marketing campaigns, including its electric blue nameplates, television ads, and catchy slogans, Charles Schwab announced plans in 2020 to relocate to Texas as part of its mergers with USAA for $1.8 billion and TD Ameritrade for $26 billion.
Contact Info
- www.schwab.com
- San Francisco, California, United States
