SCHWAB CHARLES CORP (SCHW)

The Charles Schwab Corporation (CSC) is a savings and loan holding company that, through its subsidiaries, provides wealth management, securities brokerage, banking, asset management, custody, and financial advisory services, serving 36.5 million active brokerage accounts, 5.4 million workplace plan participant accounts, and 2.0 million banking accounts with $10.10 trillion in client assets as of December 31, 2024. Principal subsidiaries include Charles Schwab & Co., Inc. (CS&Co), a securities broker-dealer; Charles Schwab Bank, SSB (CSB), the principal banking entity; and Charles Schwab Investment Management, Inc. (CSIM), advisor to Schwab Funds and Schwab ETFs. In May 2024 the Company completed final client account conversions from the Ameritrade broker-dealers (TD Ameritrade, Inc. and TD Ameritrade Clearing, Inc.), finalizing integration of the 2020 Ameritrade acquisition, which incorporated platforms such as thinkorswim, thinkpipes, and iRebal into Schwab's offerings; a related insured deposit account (IDA) agreement with TD Depository Institutions continues to generate service fee revenue on off-balance-sheet client cash sweeps.

The Company operates through two reportable segments: Investor Services, which provides retail brokerage, investment advisory, and banking and trust services to individual investors, plus retirement plan and business services (including Retirement Plan Services, Retirement Services, Stock Plan Services, Designated Brokerage Services, Mutual Fund Clearing Services, and Off-Platform Sales) to businesses and employees; and Advisor Services, which delivers custodial, trading, banking, trust, and support services to independent registered investment advisors (RIAs), independent retirement advisors, and recordkeepers. Products and services span full-featured brokerage accounts (equities, fixed income, options, futures, forex, margin lending, cash management, CDs), third-party and proprietary mutual funds (including Mutual Fund Marketplace and OneSource), ETFs, managed investing solutions (Schwab Wealth Advisory, Managed Portfolios, Windhaven, ThomasPartners, Wasmer Schroeder, Personalized Indexing, Intelligent Portfolios and Intelligent Portfolios Premium, Intelligent Income), alternative investments, banking products (checking/savings accounts, mortgages, HELOCs, pledged asset lines), and trust custody and administrative services. Additional offerings include trading platforms (Schwab Trading Powered by Ameritrade), international investing capabilities, educational tools (Schwab Coaching, Schwab Equity Ratings, Stock Slices, Investing Themes, Trading Activity Index), and RIA-focused technology, consulting, and practice-management support.

Customers include individual retail investors across asset levels (with tiered service such as Schwab Private Client and Private Wealth Services), retirement plan sponsors and participants, stock plan administrators and participants, employers requiring compliance monitoring, banks and broker-dealers utilizing clearing services, and independent RIAs, retirement advisors, and recordkeepers who custody client assets with Schwab. The Company competes across brokerage, wealth and asset management, banking, financial technology, retirement services, institutional custody, wirehouse, and trust company markets, primarily in the U.S., and generates its largest revenue streams from net interest revenue, asset management and administration fees, trading revenue, and bank deposit account fees.