Charles Schwab Corp.
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| Public | |
| Traded as | : SCHW S&P 500 Component |
| Industry | Brokerage, banking |
| Founded | April 1971 (as First Commander Corporation) |
| Headquarters | San Francisco, California, U.S. |
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Key people
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Charles R. Schwab, Founder & Chairman Walter W. Bettinger (CEO) |
| Revenue |
 US$6.058 billion (FY 2014)
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US$2.115 billion (FY 2014)
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US$1.321 billion (FY 2014)
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| AUM |
US$2.464 trillion (FY 2014)
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| Total assets |
US$191 billion (2016)
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| Total equity |
US$11.803 billion (FY 2014)
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Number of employees
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14,000 |
| Website | www |
The Charles Schwab Corporation is an American brokerage and banking company, based in San Francisco, California. It was founded in 1971 by Charles R. "Chuck" Schwab, as a traditional brick and mortar brokerage firm and investment newsletter publisher. In 1973, the company changed its name from First Commander Corporation to Charles Schwab & Co., Inc. The company started offering discount brokerage services on May 1, 1975, and became one of the world's largest discount brokers.
Schwab operates in four main divisions: investing, wealth management, banking, and trading. The company serves 9.3 million client brokerage accounts, with $2.40 trillion in assets (as of June 2014), from over 300 offices in the U.S, one office in Puerto Rico, and one branch in London. Clients can also access services online and by telephone. In 2009 Chairman Charles R. Schwab received the inaugural Tiburon CEO Summit award for Maintaining a Focus on Consumer Needs.
In 1963, Charles R. "Chuck" Schwab and two other partners launched Investment Indicator, an investment newsletter. At its height, the newsletter had 3,000 subscribers, each paying $84 a year to subscribe. In April 1971, the firm was incorporated in California as First Commander Corporation, a wholly owned subsidiary of Commander Industries, Inc., for traditional brokerage services and to publish the Schwab investment newsletter. In November of that year, Mr. Schwab and four others purchased all the stock from Commander Industries, Inc., and in 1972, Mr. Schwab bought all the stock from what was once Commander Industries. In 1973, the company name changed to Charles Schwab & Co., Inc. In September 1975, Schwab opened its first branch in Sacramento, CA, and started offering discount brokerage services. In 1977, Schwab began offering seminars to clients, and by 1978, Schwab had 45,000 client accounts total, doubling to 84,000 in 1979. In 1980, Schwab established the industry’s first 24-hour quotation service, and the total of client accounts grew to 147,000. In 1981, Schwab became a member of the NYSE, and the total of client accounts grew to 222,000. In 1982, Schwab became the first to offer 24/7 order entry and quote service, its first international office was opened in Hong Kong, and the number of client accounts totaled 374,000.
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Wikipedia