“People didn’t give Schwab a great deal of credibility for many years.” Now its blue-chip Wall Street rivals are scrambling to keep up.
When Walt Bettinger’s 3 a.m. alarm sounds, among the first things the Charles Schwab Corp. chief executive does is check how much net new money his company has pulled in over the past 24 hours. Last year, that was an average of $624 million a day—more than its three biggest Wall Street rivals combined.
Schwab was known mostly as a discount broker for amateurs when he took the helm in 2008 from founder Charles R. “Chuck” Schwab. Now it resembles something more like a personal-finance supermarket, offering services for the...
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