Charles Schwab
MANAGEMENT OF TECHNOLOGY
Case Report on
Company Background
The Charles Schwab Corporation is an American brokerage and banking company, based in San Francisco, California. It was founded in 1971 by Charles R. "Chuck" Schwab, as a traditional, brick and mortar brokerage firm and investment newsletter publisher. In 1973, the company name changed from First Commander Corporation to Charles Schwab & Co., Inc. The company started offering discount brokerage on May 1, 1975, and became one of the world's largest discount brokers. Company over the years:
1971 – In April, the firm is incorporated in California as First Commander Corporation by Charles “Chuck” Schwab with two other partners.
1973 – Charles Schwab bought all stocks and change company name to Charles Schwab & Co., Inc.
1975 – Launch discount brokerage and opens its first branch in Sacramento, California, USA.
1982 – First to offer 24 hours phone service.
1983 – Bank of America acquires Schwab for $57 million.
1987 – Management leads a buyback from Bank of America for $324 million.
1995 – Activates its first website at schwab.com
1996 – Add web trading to schwab.com
1998 – Reach the first place in stock market capitalization.
1999 – Launch after hours trading that trade order can places online or by phone.
2000 – Acquires U.S Trust and also acquires CyberCorp, Inc.
2001 – U.S Trust was fined $10 million for failed to comply the rule to disclosed financial report.
2004 – Schwab announces the resignation of David Pottruck and the reinstatement of Charles Schwab as CEO. Schwab sold its seats on the NYSE and then launched Charles Schwab Bank.
2006 – Sold U.S Trust to Bank of America.
How has Charles Schwab’s business changed since 2002? Is the company moving in the right direction?
Originally company was set up as discount broker. The company started to operate in the mid-70s and trades were closed by phone. The process was inconvenient and unproductive. Company was immediately
Case Report on
Company Background
The Charles Schwab Corporation is an American brokerage and banking company, based in San Francisco, California. It was founded in 1971 by Charles R. "Chuck" Schwab, as a traditional, brick and mortar brokerage firm and investment newsletter publisher. In 1973, the company name changed from First Commander Corporation to Charles Schwab & Co., Inc. The company started offering discount brokerage on May 1, 1975, and became one of the world's largest discount brokers. Company over the years:
1971 – In April, the firm is incorporated in California as First Commander Corporation by Charles “Chuck” Schwab with two other partners.
1973 – Charles Schwab bought all stocks and change company name to Charles Schwab & Co., Inc.
1975 – Launch discount brokerage and opens its first branch in Sacramento, California, USA.
1982 – First to offer 24 hours phone service.
1983 – Bank of America acquires Schwab for $57 million.
1987 – Management leads a buyback from Bank of America for $324 million.
1995 – Activates its first website at schwab.com
1996 – Add web trading to schwab.com
1998 – Reach the first place in stock market capitalization.
1999 – Launch after hours trading that trade order can places online or by phone.
2000 – Acquires U.S Trust and also acquires CyberCorp, Inc.
2001 – U.S Trust was fined $10 million for failed to comply the rule to disclosed financial report.
2004 – Schwab announces the resignation of David Pottruck and the reinstatement of Charles Schwab as CEO. Schwab sold its seats on the NYSE and then launched Charles Schwab Bank.
2006 – Sold U.S Trust to Bank of America.
How has Charles Schwab’s business changed since 2002? Is the company moving in the right direction?
Originally company was set up as discount broker. The company started to operate in the mid-70s and trades were closed by phone. The process was inconvenient and unproductive. Company was immediately