SCHWAB CHARLES CORP (SCHW)

The Charles Schwab Corporation is a savings and loan holding company that, through its subsidiaries, provides wealth management, securities brokerage, banking, asset management, custody, and financial advisory services. At December 31, 2025, it had $11.90 trillion in client assets, 38.5 million active brokerage accounts, 5.7 million workplace plan participant accounts, and 2.2 million banking accounts. Its principal subsidiaries are Charles Schwab & Co., Inc. (a broker-dealer incorporated in 1971), Charles Schwab Bank, SSB (the principal banking entity), and Charles Schwab Investment Management, Inc. (investment advisor to the proprietary Schwab Funds and Schwab ETFs). In November 2025 it agreed to acquire Forge Global Holdings, Inc., a private market platform and trading marketplace, for about $660 million, with closing expected in March 2026.

The company operates through two segments. Investor Services provides retail brokerage, investment advisory, banking and trust services to individual investors, plus retirement plan, stock plan, designated brokerage and other corporate services to businesses and their employees. It also includes Mutual Fund Clearing Services and Off-Platform Sales. Advisor Services provides custodial, trading, banking and trust, and support services to independent registered investment advisors, independent retirement advisors, and recordkeepers, along with technology, consulting, and practice-management resources. Products include brokerage accounts (equities, fixed income, options, futures, forex, margin lending), third-party mutual funds, proprietary and third-party ETFs, managed investing solutions, alternative investments, cryptocurrency ETPs and futures, checking and savings accounts, mortgages, home equity lines, pledged asset lines, and trust services. The largest revenue sources are net interest revenue, asset management and administration fees, trading revenue, and bank deposit account fees. The last come mainly from an insured deposit account agreement with TD Bank entities.

Schwab serves individual investors, from beginners to clients with substantial wealth needs, through online, mobile, telephone, and branch channels. It also serves employers and retirement plan sponsors, independent RIAs and their clients, and banks, brokerage firms, and trust companies that use its mutual fund clearing services. Management estimates U.S. investable wealth exceeds $80 trillion. It competes with brokerage, wealth management, and asset management firms, banks, trust companies, fintech companies, and retirement service providers. In advisor services it also competes with institutional custodians, wirehouses, and regional and independent broker-dealers. Its stated advantages are scale, operating efficiency, its combined broker-dealer, bank, and asset management structure, brand reputation, service culture, and a willingness to disrupt industry practices.

Schwab operates under a "Through Clients' Eyes" strategy that emphasizes low costs and expense discipline. CSC has elected to be treated as a Financial Holding Company and is regulated by the Federal Reserve. Its three banking subsidiaries are Charles Schwab Bank, SSB, Charles Schwab Premier Bank, SSB, and Charles Schwab Trust Bank, all with main offices in Westlake, Texas. It is generally subject to Category III capital and liquidity requirements and had about $491 billion of total consolidated assets at year-end 2025. The business is also subject to extensive federal, state, self-regulatory, and foreign oversight.