Schwab to close brokersXpress

Announcement made to staff on Thursday afternoon; given 90 days to relocate

May 16, 2012 @ 4:09 pm

By Bruce Kelly

Charles Schwab
+ Zoom
((Photo: Bloomberg News))

The 300 reps with specialty independent broker-dealer, brokersXpress LLC, were told on Wednesday that their firm will closed for business. The reps have been given 90 days to relocate.

Thebrokers were told the news at 5:00 EST on a company conference call.

Barry Metzger, CEO of brokersXpress, did not comment on the closing of the B-D. A spokesperson for Schwab confirmed the planned shut down, however.

It is not yet clear why the firm is being shuttered.

The Charles Schwab Corp. last year bought optionsXpress Holdings Inc., the parent company of brokersXpress, which offers a specialized platform for options trading.

Broker-dealers typically consolidate after mergers in order to cut expenses.


What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video


How NextGen talent is impacting financial services

Nextgen talent brings a diverse perspective and unique skills to the industry. Find out why two Utah Valley University students are so excited to make a difference.

Video Spotlight

Will It Last As Long As Your Clients Do?

Sponsored by Prudential

Video Spotlight

The Catalyst

Sponsored by Pershing

Latest news & opinion

10 funds with largest 3-year outflows

Even well-managed funds that have beaten the S&P 500’s 10.1% average annual gain have watched investors flee.

Wirehouse training programs are back

At one time, major brokerage houses ran large, expensive training programs for thousands of young brokers, and now it looks as if they are about to return to that model.

New military pension rules need financial advisers to step up and serve

Matching defined contribution plan expected to see more money, more need for sound advice.

Brian Block's $4 million bonus was tied to a key metric at ARCP

Prosecution rests case in fraud trial against CFO of American Realty Capital Properties.

Edward Jones is winning the Google search war

Brokerage firm's digital marketing investment helps land it at the top of local and overall search engine results, report finds.


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print