Schwab boosts pay, pushes return-to-office plans to 2022

Schwab boosts pay, pushes return-to-office plans to 2022
The brokerage joins other large financial firms in boosting salaries after more than a year of working through the pandemic. The pay raise, affecting most of Schwab’s 32,500 employees, will take effect in late September.
AUG 20, 2021
By  Bloomberg

Charles Schwab Corp. said it will increase employee pay by 5% and push back its return-to-office plans to no sooner than January as the Covid-19 delta variant spreads across the U.S.

The pay raise, affecting most of Schwab’s 32,500 employees, will take effect in late September, the Westlake, Texas-based brokerage said Thursday in a statement.

“This increase is a way to reward our talented employees for their contributions and their relentless commitment to see the world through clients’ eyes, even during the most challenging times,” CEO Walt Bettinger said in the statement.

Schwab joins other large financial firms in boosting salaries after more than a year of working through the pandemic. BlackRock Inc. increased pay by 8% for employees at the director level and below, and delayed its office re-entry plans to October. 

Big banks, meanwhile, have been locked in a bidding war for young talent, with Goldman Sachs Group Inc. among those dangling at least $110,000 in base pay for junior staffers, up from $85,000.

Charles Schwab, which acquired rival TD Ameritrade last year, has about 32.4 million active brokerage accounts.

Latest News

RIA moves: The Mather Group, Brand Asset Management announce deals
RIA moves: The Mather Group, Brand Asset Management announce deals

Consolidation continues in US wealth management industry.

US broker-dealer fintech aims for global footprint as it acquires international firm
US broker-dealer fintech aims for global footprint as it acquires international firm

Tech company democratizes access to US trading infrastructure.

Advisor moves: RBC swipes $1.7B UBS team, Baird duo departs for LPL's Linsco channel
Advisor moves: RBC swipes $1.7B UBS team, Baird duo departs for LPL's Linsco channel

RBC Wealth Management's latest move in New York adds an elite eight-member team to its recently opened Westchester office.

Stifel star broker, Chuck Roberts, leaves firm under cloud of investor complaints
Stifel star broker, Chuck Roberts, leaves firm under cloud of investor complaints

Stifel – so far - is on the hook for more than $166 million in damages, legal fees and settlements in investor complaints involving Roberts, a 35-year industry veteran.

iCapital secures $820M in latest funding, hits $7.5B
iCapital secures $820M in latest funding, hits $7.5B

The giant alt investments platform's latest financing led by T. Rowe Price and SurgoCap Partners, along with State Street, UBS, and BNY, will fuel additional growth on multiple fronts.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.