Charles R. Schwab

"Charles Schwab" redirects here. For other uses, see Charles Schwab (disambiguation).
Charles R. Schwab
Born Charles Robert Schwab, Jr.
(1937-07-29) July 29, 1937
Sacramento, California, U.S.
Education Stanford University (B.A, M.B.A)
Occupation Businessman/philanthropist
Known for Founder and chairman of the Charles Schwab Corporation
Net worth Decrease $ 5.3 billion (February 2016)[1]
Religion Roman Catholic
Spouse(s) Susan Schwab (divorced); 3 children
Helen O'Neill (19??-present); 2 children
Children with Susan Schwab:
--Charles Schwab Jr. (aka "Sandy Schwab")
--Carrie Schwab-Pomerantz
--Virginia Schwab
with Helen Schwab (née O'Neill):
--Michael Schwab
--Helen Schwab
Parent(s) Terrie and Lloyd

Charles Robert Schwab, Jr. (born July 29, 1937) is an American businessman and investor and the founder of the Charles Schwab Corporation.

Early life and education

Schwab was born in Sacramento, California.[2][3] He attended Santa Barbara High School in Santa Barbara, California, and was captain of the golf team.[4] He attended pre-college school at Holy Rosary Academy in Woodland, California.[5] Schwab graduated from Stanford University in 1959 with a B.A. in Economics. In 1961, he graduated from Stanford Graduate School of Business with an MBA.[3] Schwab is a knight of the Sigma Nu fraternity.

Schwab is dyslexic, but was unaware of it until the age of 40, when he learned his son is also dyslexic.[6] The Charles and Helen Schwab Foundation aims to assist children with the disorder.[7]

Career

In 1963, Chuck Schwab and two other partners launched Investment Indicator, an investment newsletter. At its height, the newsletter had 3,000 subscribers, each paying $84 a year to subscribe. In April 1971, the firm incorporated in California as First Commander Corporation, a wholly owned subsidiary of Commander Industries, Inc., to offer traditional brokerage services and publish the Schwab investment newsletter. In November of that year, Schwab and four others purchased all the stock from Commander Industries, Inc. In 1972, Schwab bought all the stock from what was once Commander Industries. In 1973, the company name changed to Charles Schwab & Co., Inc.[8] In September 1975, Schwab opened its first branch in Sacramento, California,[8] after offering discount brokerage from May 1, 1975.[9]

In 1977, Schwab began offering seminars to clients. By 1978, the company had 45,000 client accounts total, and the number grew to 84,000 in 1979. In 1980 Schwab established the industry’s first 24-hour quotation service, and the total of client accounts grew to 147,000. In 1981 Schwab became a member of the NYSE, and the total of client accounts grew to 222,000. In 1982, Schwab became the first firm to offer 24/7 order entry and quote service. It opened its first international office in Hong Kong, and the number of client accounts totaled 374,000.[8]

The company serves 8.2 million client brokerage accounts, with $1.65 trillion in assets (as of September 2011), from over 300 offices in the U.S., one office in Puerto Rico, one branch in London, and one branch in Hong Kong.[9] Clients can access services online and by telephone.

Personal life

Schwab has been married twice. He has three children from his first marriage to Susan Schwab:[10][11] Charles Jr. (known as "Sandy"), Carrie, and Virginia. Chuck and Susan Schwab later divorced.[11]

Schwab remarried, to Helen O'Neill,[12] with whom he has two children: Michael and Helen.[11][12] His daughter Carrie is married to author Gary Pomerantz[13] She is president of the Charles Schwab Foundation and also serves as a council member on President Obama's Advisory Council on Financial Capability.[13] His son Sandy, who played quarterback at Northwestern University, is also the father of four children: Haley, Samantha, Sydney, and Charlie.[14][15]

Schwab also serves as the chair on the board of trustees for San Francisco Museum of Modern Art.[16]

A practicing Roman Catholic, he and his wife Helen currently live in Woodside, California, and are involved in philanthropy.[17] He is an avid golfer with a 7.4 handicap, and has membership in San Francisco Golf Club and Cypress Point Club.

See also

References

  1. ↑ "Charles Schwab Profile". Forbes. September 2013.
  2. ↑ "Charles R. Schwab, Chairman". Charles and Helen Schwab Foundation. Retrieved July 20, 2013.*a "Mr. Schwab was born in Sacramento in 1937." — ¶ 3.
  3. 1 2 "Charles R. Schwab". Retrieved 2010-09-29.
  4. ↑ Plitt, Todd (2003-11-10). "Charles Schwab didn't let dyslexia stop him". USA Today. Retrieved 2011-03-25.
  5. ↑ Stanford Magazine: March/April 1999: Charles Schwab's Secret Struggle
  6. ↑ Plitt, Todd (2003-11-10). "Charles Schwab didn't let dyslexia stop him". USA Today. Retrieved 2008-09-19.
  7. ↑ Turner, Rob (2003-11-23). "Executive Life; In Learning Hurdles, Lessons for Success". New York Times. p. 10.
  8. 1 2 3 "Schwab History". Retrieved 2010-09-29.
  9. 1 2 "About Schwab: Corporate Fact Sheet". Retrieved 2010-09-29.
  10. ↑ Daily Finance: "Charles Schwab's Fatherly Advice: Have a Passion for What You Do -- and Diversify" Dawn Kawamoto, June 17, 2011
  11. 1 2 3 Charles Schwab: How One Company Beat Wall Street and Reinvented the Brokerage Industry John Kador December 2002
  12. 1 2 Charles Schwab website: "About Schwab: Charles R. Schwab - Chairman of the Board" retrieved November 25, 2013
  13. 1 2 Practical Money Skills: "Speaker Bios - Carrie Schwab-Pomerantz"; retrieved November 25, 2013
  14. ↑ Charles Schwab's Guide to Financial Independence, Crown Publishers, New York (1998).
  15. ↑ "Hang In There, Wildcats". CNN. 1982-10-18. Retrieved 2010-04-28.
  16. ↑ "Board of Trustees". SFMOMA. Retrieved 2015-10-22.
  17. ↑ Charles Schwab's Guide to Financial Independence, Crown Publishers, New York (1998)

External links

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