Charles Schwab & Co., Inc.

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Charles Schwab & Co.
Products broker-dealer
Website schwab.com

Charles Schwab & Co., Inc., is a registered broker-dealer subsidiary of The Charles Schwab Corporation. It is a member of SIPC.

Charles Schwab Bank and Charles Schwab & Co., Inc. are separate but affiliated companies and subsidiaries of The Charles Schwab Corporation.

Charles Schwab Bank is a licensed mortgage broker and not a securities broker-dealer or investment advisor. Charles Schwab & Co., Inc. is not a mortgage broker or lender.

History

The Charles Schwab Corporation was named to the lists of Top Workplaces in Chicago and Austin in The Chicago Tribune and The Austin American-Statesman. The "Top Workplaces" program is conducted by WorkplaceDynamics, an independent research firm in partnership with local publications across the U.S. Companies in the two cities qualified for recognition based on employee feedback through a survey.[1]

In August 2011 the firm sued 11 major banks claiming they conspired to manipulate the London Interbank Offered Rate (Libor), a borrowing benchmark used to set interest rates. Schwab brought two lawsuits against the banks alleging a conspiracy in which the banks artificially deflated the numbers used to calculate the benchmark, throwing off interest rates for securities based on the Libor and depriving investors of returns they should have earned.[2]

Charles Schwab & Co introduced a credit card, the Invest First Visa, in late 2008. It offered 2 percent cash back on all purchases and no annual fee, but customers were required to open a Schwab brokerage account to collect the rebates if they did not already have one. The card was not profitable, however, and Schwab ceased issuing it in 2010. [3]

Products and Services

Key People

References

  1. Charles Schwab Named a Top Workplace in Chicago and Austin. The Wall Street Journal.
  2. Charles Schwab Sues Banks Over Rate Manipulation. The New York Times.
  3. The Credit Card Formerly Known as Schwab. The New York Times.