The Charles Schwab Corporation is an American multinational financial services company founded in San Francisco, California.
Headquartered in Westlake, Texas, Charles Schwab is the 13th largest banking institution in the United States with over US$3.3 trillion in client assets (as of 2019).
It is the third largest asset manager in the world, behind BlackRock and Vanguard. The firm is known for its electronic trading platforms, investor education, and discount brokerage services, particularly reduced and free trading commission charges.
Charles Schwab offers commercial banking, stock brokerage, and wealth management advisory services to both retail and institutional clients. Despite their online presence, the company also has a large network of physical branches mostly in metropolitan financial centers.
Their total national footprint includes 345 branches, primarily in the United States and Britain. It is known for its corporate marketing programs, especially their electric blue nameplate, television commercials, and slogans.
In 2020, the bank announced their intention to move to Westlake, Texas, in conjunction with their large-scale mergers with and acquisitions of TD Ameritrade (for $26 billion) and the brokerage and investment businesses of USAA (for $1.8 billion).
Traded as: NYSE: SCHW; S&P 500 Index component
Industry: Financial services
Founded: 1971; 50 years ago (as Charles Schwab & Co., Inc.) San Francisco, California, U.S.
Founder: Charles R. Schwab
Headquarters: Westlake, Texas, U.S.
Services:
- Commercial banking
- Stock brokerage
- Wealth management
- Electronic trading platform
Owner:
- TD Bank (13.5%)[3]
- Charles R. Schwab (10.4%)
Subsidiaries:
- Schwab Holdings, Inc.
- Charles Schwab Bank
- Charles Schwab Investment Management, Inc.
- Charles Schwab Futures, Inc.
- Charles Schwab Premier Bank
- Charles Schwab Trust Bank
- TD Ameritrade
Website: www.aboutschwab.com