Magazine

Table: Leading the Charge


Schwab's relentless innovation has redefined the brokerage business several times already

1973

Former equity analyst and portfolio manager Charles R. "Chuck" Schwab founds the brokerage to exploit the end of fixed-price stock trading commissions in May, 1975.

1975

Opens first branch in Sacramento. Now has 400 branches nationwide.

1983

Schwab sells his firm to Bank of America for $57 million, but quickly becomes dissatisfied and buys it back within four years.

1989

Launches Telebroker, a touch-tone trading and quote system.

1992

Introduces OneSource, a mutual-fund supermarket allowing customers to buy fund shares without paying loads or fees.

1996

Begins online trading, a business it now dominates with over 37% of $920 billion in online account assets.

2000

Announces merger with U.S. Trust, a 149-year-old adviser to multimillionaires.

2002

Takes on Wall Street directly with launch of Schwab Private Client and Schwab Equity Rating stock-picking system.


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