A message from our CEO Walt Bettinger
As we continue to navigate through these uncharted waters, I wanted to share some additional information with you about Schwab's efforts to stay invested in the long-term success, health, and well-being of you, our clients, our hardworking employees, and our communities.
Invested in Our Clients.
Let me begin with what hasn't changed: our commitment to you. You have been interacting with us at record levels in recent weeks and we are humbled by the trust you place in us. It is important you know that whatever the future brings, Schwab is here to help you. To that end, I encourage you to make use of the investing resources available to you:
- Expert perspectives. Our experts continue to monitor the markets and share their analysis and commentary. You can also follow them on Twitter @schwabresearch, and we'll email you when we think it's important for you to read their perspectives.
- Service options. We have a variety of channels to help you in ways that make the most sense for you: On Schwab.com, using our mobile app, or by calling our client service professionals.
- 1:1 guidance. It is important to try and stick to your financial plan as best you can. If your plan has changed, we can help you review your investments, revisit your plan, or create a new one.
Please know that our dedicated client service professionals are committed to getting to your questions as quickly as possible. We appreciate your patience if it takes us a bit longer than usual to get to your call. But I promise we will and that we are here to help.
Whatever the future brings, Schwab is here to help you.
Invested in our people.
The superior service you enjoy is not possible without our amazing professionals. So we have an equally important responsibility to look after the well-being of the 20,000 Schwabbies that are here to help you. To that end, we’ve made it possible for virtually all of our employees to work from home, and today they are doing just that. This may have some impact on how we do business, like some of our branches being closed for the time being. But we believe you’ll agree that it is worth it to ensure our people remain well.
We have also acted to ensure these dedicated people know how much we—and you—appreciate their service. We are providing $1,000 to every employee under the officer level—the vast majority of our workforce—to help with personal, family, or living expenses right now. We are also temporarily providing additional ongoing pay to many frontline employees, as well as announcing that we are not planning to lay off any employees because of COVID-19 or the resulting market volatility.
Invested in Our Communities.
We are deeply connected to the communities in which we live and work. So the Charles Schwab Foundation has made a commitment to also help those around us. The Foundation will make $1 million in grants to help local food banks in the ten Schwab communities where we have a major presence, CDC response efforts, and local chapters of the Boys & Girls Clubs of America. Employees will also have the opportunity to have the Foundation match their personal contributions 2:1 toward response efforts, up to $250,000.
Lastly, in a period as tumultuous as this, it may be natural to wonder about the firm that is helping you stay on track financially. If you are, let me assure you that Schwab is in excellent financial health with one of the strongest balance sheets in the industry. Despite volatile markets, our company is profitable and we have the resources necessary to ensure we remain strong.
As always, I am honored you have placed your trust in us. If there is anything we can do to help meet your needs, please visit us online at Schwab.com, or contact us at 800-435-4000. If you're outside the U.S., call us +1-415-667-8400.
President and CEO, Charles Schwab Corporation