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    Charles Schwab Corp (SCHW)

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    Business Description

    The Charles Schwab Corporation (CSC) is a savings and loan holding company that operates through its subsidiaries to provide a wide range of financial services, including wealth management, securities brokerage, banking, asset management, custody, and financial advisory services . Schwab's business is divided into two main segments: Investor Services and Advisor Services, offering products such as brokerage accounts, mutual funds, exchange-traded funds (ETFs), advice solutions, alternative investments, banking products, and trust services . The company's largest sources of net revenues are net interest revenue, asset management and administration fees, trading revenue, and bank deposit account fees .

    1. Net Interest Revenue - Generated from interest-earning assets such as high-quality fixed income securities, margin loans, and bank loans, funded by uninvested client cash balances.
    2. Asset Management and Administration Fees - Collected from managing and administering client assets, including mutual funds and ETFs.
    3. Trading Revenue - Earned from facilitating securities transactions for clients.
    4. Bank Deposit Account Fees - Charged for maintaining client bank deposit accounts.
    5. Investor Services - Offers retail brokerage, investment advisory, banking, and trust services to individual investors, as well as retirement plan services and corporate brokerage services to businesses and their employees.
    6. Advisor Services - Provides custodial, trading, banking, trust, and support services to independent registered investment advisors (RIAs), independent retirement advisors, and recordkeepers.
    7. Brokerage Accounts - Offers platforms for clients to buy and sell securities.
    8. Mutual Funds and ETFs - Provides a range of investment funds for clients to diversify their portfolios.
    9. Advice Solutions - Delivers personalized investment advice and planning services.
    10. Alternative Investments - Offers investment options outside of traditional stocks and bonds.
    11. Banking Products - Includes a variety of banking services such as loans and deposit accounts.
    12. Trust Services - Provides trust administration and management services for clients.

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Charles R. SchwabCo-Chairman of the Board1986Charles R. Schwab has been a director since 1986, served as Chairman until 2022, and has been Co-Chairman since 2022. He was CEO from 1986 to 1997 and 2004 to 2008, and Co-CEO from 1998 to 2003 .
    Walter W. Bettinger IICo-Chairman of the Board and CEO2008Walter W. Bettinger II has been CEO since 2008 and Co-Chairman since 2022. He joined Schwab in 1995 through the acquisition of The Hampton Company, which he founded in 1983 .
    Richard A. WursterPresident2021Richard A. Wurster has been President since 2021. He joined Schwab in 2016 and held leadership roles including CEO of Charles Schwab Investment Management, Inc. from 2019 to 2021 .
    Bernard J. ClarkManaging Director and Head of Advisor Services2022Bernard J. Clark has been with Schwab since 1998 and has served as Managing Director and Head of Advisor Services since 2022. He was Executive Vice President of Advisor Services from 2010 to 2022 .
    Jonathan M. CraigManaging Director and Head of Investor Services and Marketing2022Jonathan M. Craig has been with Schwab since 2000 and has served in his current role since 2022. He previously held various executive positions including Senior Executive Vice President from 2018 to 2022 .
    Peter B. CrawfordManaging Director and Chief Financial Officer2017Peter B. Crawford has been with Schwab since 2001 and has served as CFO since 2017. He was previously Executive Vice President of Finance from 2015 to 2017 .
    Joseph R. MartinettoManaging Director and Chief Operating Officer2018Joseph R. Martinetto has been with Schwab since 1997 and has served as COO since 2018. He was previously CFO from 2007 to 2017 .
    Peter J. Morgan IIIManaging Director, General Counsel and Corporate Secretary2019Peter J. Morgan III has been with Schwab since 1999 and has served as General Counsel and Corporate Secretary since 2019. He was previously Senior Vice President and Deputy General Counsel from 2009 to 2020 .
    Nigel J. MurtaghManaging Director and Chief Risk Officer2022Nigel J. Murtagh has been with Schwab since 2000 and has served as Chief Risk Officer since 2022. He was previously Executive Vice President and Chief Risk Officer from 2012 to 2022 .
    Mike VerdeschiChief Financial OfficerOctober 1, 2024Mike Verdeschi joined Schwab as Managing Director and Deputy CFO on May 20, 2024, and became CFO effective October 1, 2024. He previously held leadership roles at Citigroup .
    Joe MartinettoExecutive Chairperson of the Schwab BanksJune 28, 2024Joe Martinetto joined Schwab in 1997 and transitioned to Executive Chairperson of the Schwab Banks on June 28, 2024. He was previously COO from 2018 .
    Jon BeattyHead of Advisor ServicesJune 28, 2024Jon Beatty has been with Schwab for over 20 years and became Head of Advisor Services on June 28, 2024. He was previously COO of Advisor Services .
    Tom BradleyChief Client Officer for Advisor ServicesJune 28, 2024Tom Bradley became Chief Client Officer for Advisor Services on June 28, 2024. He joined Schwab after the Ameritrade acquisition announcement in 2020 and was previously a Managing Director for Advisor Services .

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateJuly 27, 2022
    End Date/DurationNo expiration date
    Total additional amount$15.0 billion
    Remaining authorization$8.7 billion
    DetailsReplaced a previous program that allowed for up to $4.0 billion in repurchases.

    Debt Maturity Schedule

    YearAmount Due (in millions)Debt TypeInterest Rate% of Total Debt
    2024$6 Long-termN/A0.0% = (6 / 55,642) * 100
    2024$8,900 FHLB Borrowings5.34% 16.0% = (8,900 / 55,642) * 100
    2024$5,094 Other Short-Term Borrowings5.38% 9.2% = (5,094 / 55,642) * 100
    2024-2025$8,093 Repurchase Agreements5.27% 14.5% = (8,093 / 55,642) * 100
    2024$2,500 Secured Short-Term Borrowings5.71% 4.5% = (2,500 / 55,642) * 100
    2025$2,249 Long-term3.000% - 3.850% 4.0% = (2,249 / 55,642) * 100
    2025$13,700 FHLB Borrowings5.34% 24.6% = (13,700 / 55,642) * 100
    2025$5,499 Other Short-Term Borrowings5.38% 9.9% = (5,499 / 55,642) * 100
    2026$4,112 Long-term0.900% - 5.875% 7.4% = (4,112 / 55,642) * 100
    2027$3,463 Long-term2.450% - 3.300% 6.2% = (3,463 / 55,642) * 100
    2028$1,950 Long-term2.000% - 3.200% 3.5% = (1,950 / 55,642) * 100
    Thereafter$10,700 Long-termVarious 19.2% = (10,700 / 55,642) * 100

    Competitors

    Competitors mentioned in the company's latest 10K filing.

    • Brokerage firms
    • Wealth management firms
    • Asset management firms
    • Banks
    • Trust companies
    • Financial technology companies
    • Retirement service providers
    • Institutional custodians
    • Wirehouses
    • Regional broker-dealers
    • Independent broker-dealers

    Auditor

    NameStart DateEnd DateReason for Change
    Deloitte & Touche LLP1976 PresentCurrent auditor