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Charles Schwab Corp. gets over 'hump' after furious bond rally takes bite out Schwab Bank's $19.6 billion in unrealized losses, though debt overhang could still take a decade to erase

The Westlake, Texas, brokerage's stock plunged 33% last Spring, but has clawed back as unrealized losses fall $4 billion on possibility of Fed rate cut in 2024.

Author Oisin Breen December 28, 2023 at 2:01 AM
1 Comment
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In March 2023, Charles 'Chuck' Schwab (left) and Walt Bettinger penned an unprecedented letter to assure investors.
Brooke Southall and Keith Girard contributed to the editing of this article.

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Dana

Dana

April 20, 2024 — 4:37 AM
This sounds like the Schwab Yield Plus fiasco in 2008. Schwab told advisors and clients they had everything under control, until they found out they didn’t. They paid millions of dollars in SEC fines, more in client restitution and ended up closing the fund altogether. High rates, selling at losses to generate liquidity, some people never learn.

Related Moves

October 3, 2024 at 10:12 PM

Walt Bettinger discloses expiration of unknown 'pact' to explain to Schwab investors why Bernie Clark, Peter Crawford and Joe Martinetto all chose to exit at once

The 'sort of informal' deal was struck in 2019, but never revealed to shareholders during the merger transition, until the departures were announced -- in one press release -- this month.

May 25, 2024 at 2:45 AM

Chuck Schwab reveals Part B, doubling-down on Walt Bettinger by making him co-chair, a day after Part A -- wagering $15 billion from the Schwab corporate treasury on the CEO's future leadership

The 84 year-old founder's elevation of his 61-year-old protege may foretell bigger fireworks from Rick Wurster who recently took over many of Bettinger's CEO duties, one executive recruiter says.

July 30, 2022 at 12:41 AM

Another A-list RIA Schwabbie lands on his feet -- this time at DeVoe & Co. -- after TD Ameritrade merger displacement of 2,000-plus

Tony Parkin takes the reins as president of the San Francisco M&A shop and reunites with ex-Schwab boss who left 14 years ago

May 10, 2024 at 1:29 AM

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