Schwab nabs Putnam's Carney as branch network boss

Jeffrey Carney, a senior managing director of marketing at Putnam Investments, will be taking over as head the branch network for the Charles Schwab Corp. Mr. Carney will start at the end of the month and will report to Andrew Gill, co-head of Schwab Investor Services, Schwab spokesman Michael Cianfrocca wrote in an e-mail. Reuters reported the change Friday. Mr. Carney will be taking over for Lisa Kidd Hunt, who will be "taking on some different responsibilities," Mr. Cianfrocca said. Last month, Mr. Gill and John Clendening took over as co-heads of Schwab's individual investor business when Benjamin Brigeman left that post for personal reasons. Schwab has about 300 retail branches nationwide. Separately, in December, the firm opened its first franchised branch office. The company plans to open about a dozen more independently-owned branches this year. Mr. Carney will not have responsibility for the franchised outlets, Mr. Cianfrocca said.