Schwab Announces Pay Increase for Employees
August 19 2021 - 4:30PM
Business Wire
The Charles Schwab Corporation today announced it is
implementing a special five percent pay increase for employees in
recognition of their unwavering service to clients and each other
throughout the pandemic.
“Our teams’ focus and dedication have resulted in outstanding
results for our clients and growth for the company,” said Walt
Bettinger, President and CEO, The Charles Schwab Corporation. “This
increase is a way to reward our talented employees for their
contributions and their relentless commitment to see the world
through clients’ eyes, even during the most challenging times.”
In a note to employees on Thursday, the company’s Executive
Council added, “You all have gone above and beyond to ensure our
clients are well cared for, our culture remains strong, and our
business remains sound under the most extraordinary circumstances.
Thank you once more from all of us on the Executive Council for
helping this company live up to its promise.”
This year a record number of investors turned to Schwab for help
in navigating unprecedented market conditions. The firm’s core net
new assets reached a record $257.0 billion for the first half 2021,
more than double the results achieved during the same period last
year. During the same period, clients opened 4.8 million new
brokerage accounts representing the company’s second and third
consecutive quarters in excess of a million new accounts.
This special increase will be applied to the vast majority of
the company’s employees, effective late September 2021. It will not
include the company’s Executive Council or colleagues participating
in Schwab’s incentive compensation plans.
The firm also announced additional steps it is taking to address
pandemic concerns and provide workplace flexibility for its
employees going forward. In light of current circumstances, the
firm has delayed a full Return to Office until January 2022, at the
earliest. In the meantime, employees can continue to work from
home, or return to the office on a voluntary basis. Once back in
the office, Schwab employees will enjoy additional workplace
flexibility, based on a hybrid work schedule. Employees will also
have the ability to work with their manager to determine an
approach that works for their individual situation, should they
need additional flexibility.
To learn more information about Schwab or to apply to join the
team, visit here.
About The Charles Schwab Corporation
The Charles Schwab Corporation (NYSE: SCHW) is a leading
provider of financial services, with 32.4 million active brokerage
accounts, 2.2 million corporate retirement plan participants, 1.6
million banking accounts, and $7.6 trillion in client assets as of
July 31, 2021. Through its operating subsidiaries, the company
provides a full range of wealth management, securities brokerage,
banking, asset management, custody, and financial advisory services
to individual investors and independent investment advisors. Its
broker-dealer subsidiaries, Charles Schwab & Co., Inc., TD
Ameritrade, Inc., and TD Ameritrade Clearing, Inc., (members SIPC,
www.sipc.org), and their affiliates offer a complete range of
investment services and products including an extensive selection
of mutual funds; financial planning and investment advice;
retirement plan and equity compensation plan services; referrals to
independent, fee-based investment advisors; and custodial,
operational and trading support for independent, fee-based
investment advisors through Schwab Advisor Services. Its primary
banking subsidiary, Charles Schwab Bank, SSB (member FDIC and an
Equal Housing Lender), provides banking and lending services and
products. More information is available at www.aboutschwab.com.
TD Ameritrade, Inc. and TD Ameritrade Clearing, Inc. are
separate but affiliated companies and subsidiaries of TD Ameritrade
Holding Corporation. TD Ameritrade Holding Corporation is a wholly
owned subsidiary of The Charles Schwab Corporation. TD Ameritrade
is a trademark jointly owned by TD Ameritrade IP Company, Inc. and
The Toronto-Dominion Bank.
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