Schwab to close brokersXpress

Schwab to close brokersXpress
Charles Schwab is shutting down brokersXpress. The parent company broke the news to the B-D's 300 reps late Wednesday afternoon. Now, the brokers have 90 days to relocate.
MAY 17, 2012
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.

Latest News

ETF launches this week add to the bewildering array of available options
ETF launches this week add to the bewildering array of available options

Money markets, bonds, real estate, and the heating industry among new funds.

How do entrepreneurs with $19B revenues see the near-term future?
How do entrepreneurs with $19B revenues see the near-term future?

UBS has been asking super-wealthy business owners about their plans.

JPMorgan study warns of tariff-induced market turbulence
JPMorgan study warns of tariff-induced market turbulence

Stocks will also be impacted by inflation during volatile 2025.

More than 40,000 federal workers take Musk 'buyout' deal
More than 40,000 federal workers take Musk 'buyout' deal

Union warns against being 'misled by slick talk from unelected billionaires'.

Why are economists fearing a resurgence of global inflation?
Why are economists fearing a resurgence of global inflation?

Trade-related risks could be the spark that sends prices soaring again.

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.

SPONSORED Why wealth advisors should care about the future of federal tax policy

Blue Vault features expert strategies to harness for maximum client advantage.