Latest news with #RickWurster
Yahoo
04-06-2025
- Business
- Yahoo
Charles Schwab Named One of the 50 Most Community-Minded Companies in the U.S. for Ninth Consecutive Year
WESTLAKE, Texas, June 04, 2025--(BUSINESS WIRE)--Charles Schwab has been named a Civic 50 honoree, making it one of the top 50 most community-minded companies in the country according to Points of Light, the world's largest organization dedicated to increasing volunteering. For more than a decade, The Civic 50 has served as the national standard for corporate citizenship and showcases how leading companies are driving social impact, corporate citizenship, and community engagement to the core of their business. This comprehensive survey for companies with annual revenues of at least $1 billion evaluates the scale, sophistication and impact of their employee volunteering, community engagement and corporate philanthropy work. "Schwab is committed to helping people achieve brighter futures by investing in financial education and supporting the communities where our clients and employees live and work," said Schwab President and CEO Rick Wurster. "It is an honor to be recognized again by Points of Light for our efforts to empower communities and help more Americans take control of their financial lives." Schwab's focus on financial education is rooted in the belief that everyone should have the opportunity to achieve financial well-being. Schwab helps to level the economic playing field and close the financial education gap through nonprofit partnerships and grants, trained employee volunteers, and free financial education content for kids through adults, helping people build the practical money habits needed over a lifetime. In addition to financial literacy, Schwab employees volunteer thousands of hours annually through Schwab Volunteer Week, skills-based volunteerism programs, and other employee-driven volunteer initiatives that benefit nonprofits, schools, and communities nationwide. Schwab also provides financial, people, and intellectual resources in support of local causes that are responsive to community needs and reflective of employees' interests. In 2024, Charles Schwab granted $21.3 million to nonprofits nationwide, including $2.5 million for employee matching gifts, while 12,300 employees volunteered 160,000 hours in service to their local communities through Schwab's paid time to volunteer program. "In an ever-evolving landscape, companies are looking to ensure that they can meet the needs of their communities, customers, and stakeholders," said Jennifer Sirangelo, president and CEO, Points of Light. "Companies like Charles Schwab are leading the way in showing how social impact benefits their employee's well-being, strengthens the communities where they do business, and brings value and meaning to their work. Their efforts provide a model for others looking to bring the benefits of volunteering and social impact to their workforce and they're extremely deserving of this recognition." The Civic 50 survey is administered by True Impact, and the results are analyzed by VeraWorks. The survey instrument consists of quantitative and multiple-choice questions that inform the scoring process. The Civic 50 is the only survey and ranking system that exclusively measures corporate community engagement. About Charles Schwab At Charles Schwab (NYSE: SCHW), we believe in the power of investing to help individuals create a better tomorrow. Our history of challenging the status quo in our industry has led to innovations that benefit investors, as well as the advisors and employers who serve them. For more information, visit Follow us on X, Facebook, YouTube, LinkedIn, and Instagram. About Charles Schwab Foundation Charles Schwab Foundation is an independent nonprofit public benefit corporation, funded by The Charles Schwab Corporation and classified by the IRS as a charity under section 501(c)(3) of the Internal Revenue Code. The Foundation is neither a part of Charles Schwab & Co., Inc. (member SIPC) nor its parent company, The Charles Schwab Corporation. Its mission is to help people of all backgrounds achieve brighter futures by advancing financial literacy and fostering stronger communities. More information is available at About Points of Light Points of Light is a nonpartisan, global nonprofit organization that inspires, equips, and mobilizes millions of people to take action that creates a positive impact through volunteering and civic engagement. Through partnerships with nonprofits, companies and social impact leaders, the organization galvanizes volunteers to meet critical needs for healthier and more resilient communities. As the world's largest organization dedicated to increasing volunteer service, Points of Light engages more than 3.8 million volunteers across 32 countries. For more information, visit (0625-02C6) View source version on Contacts Media Contact: Danielle Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Times
15-05-2025
- Business
- Business Times
Buying the dip still works – even in this new world
RETAIL investors have won again. When trade tensions flared in early April and about US$6.6 trillion in market value vanished from US stocks in just two business days – the fifth-worst two-day drop since the S&P 500's creation in 1957 – they didn't panic. Instead, they did what they've learned to do over the past 15 years: They bought the dip. Six weeks later, the US stocks benchmark not only recovered but surpassed its pre-tariff levels, delivering a gain of about 17 per cent from the lows to those who kept their nerve. Individual investors have become an increasingly powerful force in markets. At the end of 2024, they collectively held US$35 trillion in US stocks – 38 per cent of the market, according to Federal Reserve and Goldman Sachs data. And they're not afraid to trade: They came into the year accounting for about 19.5 per cent of US equity-trading volume, according to Bloomberg Intelligence analyst Larry Tabb – up from 17 per cent a year prior and well above pre-pandemic levels. While this is below the 24 per cent peak reached during the meme-stock frenzy at the beginning of 2021, commission-free trading has created a sustainably higher level of retail engagement. When markets tumbled in early April, these retail investors sprang into action. At Charles Schwab, whose 37 million active brokerage accounts represent a significant slice of America's retail investors, customers executed nearly 10 million trades per day in the first two weeks of the month, a 36 per cent jump from trading activity earlier in the year. The firm additionally saw a surge in account openings. 'We've seen in the first part of April, two to three times the level of new accounts being opened,' said chief executive officer Rick Wurster on his earnings call. 'We think there are some clients that want to get into Schwab and buy the dip.' Robinhood Markets reported similar momentum with its equity trading volumes hitting four-year highs and options activity approaching record levels. Rather than simply turning over their portfolios, though, retail investors were aggressively adding to their positions. According to JPMorgan Chase, they net bought US$40 billion of stocks in April alone, setting a new record for the largest monthly inflow. Analysis from Goldman Sachs, which tracks retail trading patterns through characteristics such as sub-tick price improvement typical of payment-for-order flow trades, confirms this unprecedented buying activity, with two-week rolling net flows surpassing even the intense buying seen during the Covid recovery. Market history suggests buying dips has been a reliable strategy for retail investors. After the market decline of December 2018 (remember that?), the Covid-19 crash of 2020, and the inflation scare of 2022, markets consistently rewarded those willing to deploy capital during periods of stress. It works principally because it so often has. As Treasury Secretary Scott Bessent said in a speech at the Milken Institute Global Conference last week: 'The entirety of our economic history can be distilled in just five words: 'Up and to the right'.' Historically, a perceived 'Fed put' has underwritten the strategy, although what made this episode trickier to navigate is that the central bank was hamstrung by the administration's actions, and the administration, at least initially, didn't seem focused on market reactions. But with so much household wealth at stake, it eventually changed its stance, and the strategy once again delivered. This consistency, though, may have bred complacency about the risks. The dot-com crash of 2000 shows how brutal markets can be when the pattern fails. As the selloff began, retail investors initially showed familiar resilience. ETrade added accounts – almost a million through to the end of 2001 – as investors tried to catch what they thought were market bottoms. But the approach failed catastrophically. 'We've come through a highly speculative technology bubble,' Charles Schwab himself admitted in March 2001. 'Maybe I should have been more emphatic about understanding that this was a temporary phenomenon.' The Nasdaq would take 15 years to reclaim its previous highs, and the experience scarred retail investors for a generation – the Fed's Survey of Consumer Finances shows the share of households directly owning stocks dropped from 21.3 per cent in 2001 to 13.8 per cent in 2013. Yet here we are in 2025, and buying the dip has worked again. As investment strategist Ben Carlson notes, 'One of the reasons American exceptionalism exists is because we always buy the dip – it's ingrained in us that things will get better.' The dot-com crash stands as the rare exception to what has otherwise been a remarkably successful strategy. But therein lies the risk: With each successful dip bought, more capital and conviction flow into the strategy. The very reliability of the pattern may be quietly building its own vulnerability. BLOOMBERG
Reuters
01-05-2025
- Business
- Reuters
Charles Schwab CEO sees 'pullback in risk taking' in April
Investors have responded to recent market turmoil in April by dialing down the level of risk they are taking and making some shifts in their asset allocation in favor of bonds and non-U.S. stocks, said Charles Schwab CEO Rick Wurster in a Reuters NEXT Newsmaker interview on Thursday (May 1).
Arabian Post
01-05-2025
- Business
- Arabian Post
Schwab to Introduce Direct Crypto Trading by April 2026
Charles Schwab, one of the largest investment firms globally with over $10 trillion in assets under management, is set to launch spot cryptocurrency trading within the next 12 months. CEO Rick Wurster confirmed the timeline during the company's first-quarter earnings call, stating that the firm is preparing to offer direct access to digital assets like Bitcoin and Ethereum by April 2026. Wurster attributed the move to a significant surge in client interest, noting a 400% increase in traffic to Schwab's cryptocurrency-related content. Approximately 70% of this traffic came from prospective clients, indicating a strong demand for crypto trading services among new investors. The firm's decision aligns with a broader trend among traditional financial institutions entering the cryptocurrency market. Morgan Stanley is also preparing to offer crypto trading through its E*Trade platform, aiming for a launch next year. Schwab's cautious approach to cryptocurrency is evident in its current offerings, which include indirect exposure through exchange-traded funds and other investment products. The company has previously warned clients about the risks associated with digital assets, emphasizing that cryptocurrencies could become worthless. Despite these warnings, Schwab has been laying the groundwork for a more direct entry into the crypto space. In 2023, the firm co-founded EDX Markets, a non-custodial cryptocurrency exchange backed by Fidelity and Citadel Securities. EDX Markets began trading Bitcoin, Ether, Litecoin, and Bitcoin Cash, providing a platform for institutional investors to engage in cryptocurrency trading. The regulatory environment in the United States has become more favorable for cryptocurrency trading under the current administration. The Federal Reserve has eased restrictions, removing supervisory letters that previously discouraged banks from engaging in crypto-related activities. This shift has encouraged financial institutions like Schwab and Morgan Stanley to expand their cryptocurrency offerings. Schwab's planned rollout of spot crypto trading is expected to make digital asset trading more accessible to everyday investors through its trusted platform. The firm aims to meet rising investor demand for easier access to cryptocurrencies, positioning itself as a competitive player in the evolving financial landscape. While the firm is optimistic about the potential of digital assets, it continues to approach the sector with caution. Schwab's website still warns that crypto investments carry the risk of becoming entirely worthless, asserting that digital assets like Bitcoin lack intrinsic value. Arabian Post – Crypto News Network
Reuters
01-05-2025
- Business
- Reuters
Charles Schwab CEO says investors are 'de-risking' and diversifying
NEW YORK, May 1 (Reuters) - Investors have responded to the market turmoil throughout April by dialing down the level of risk they are taking and making some shifts in their asset allocation in favor of bonds and non-U.S. stocks, says Charles Schwab CEO Rick Wurster. "Most investors are staying the course," Wurster said in a Reuters NEXT Newsmaker interview on Thursday morning. Still, 61% of clients reported feeling bearish during April, according to a poll conducted that month, compared to only 32% in a similar poll during the first quarter of 2025, data from Schwab showed. Trading volumes, which hit record levels early in April following U.S. President Donald Trump's tariffs announcement, tapered off as the month progressed, but client engagement levels remained high, Wurster said. "We set an all-time record" for calls and online contacts with clients during the heightened volatility, he said. Overall, Wurster said few clients made dramatic adjustments to their asset allocations in April but that those whose portfolios included non-U.S. stocks, bonds and some commodities noted they benefited from that diversification.
