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Charles R. Schwab: Companies
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Charles R. Schwab is a master of investments. Consequently, his company Charles Schwab Co. is the leading discount stock brokerage in the United States. Long before Schwab assisted other people with their investments, he chose to invest in himself. As a result, his multi-billion dollar business career was realized.
Charles R. Schwab has always seemed a man in a hurry, and once again, he appears to be on the move. Several analysts described his resignation yesterday as a director of BankAmerica as a possible first step in a new effort to buy back his brokerage or perhaps even start a new one. An eagerness to get back in control of his company, which he sold to BankAmerica in 1983, is believed to be part of the reason for Mr. Schwab's resignation.
SAN FRANCISCO--(BUSINESS WIRE)--Schwab founder, chairman and CEO, Charles R. Schwab has been selected as the Harvard Business School Association of Northern California's 2006 Business Leader of the Year. He will become the annual award's 38th recipient. The annual award recognizes an individual whose professional achievements and personal attributes have provided leadership in his company and industry as well as in civic, cultural, educational, and charitable activities.
Charles R. Schwab, the discount broker who has become known as the dissident on the board of the Bank America Corporation, has resigned as a director of the ailing bank holding company. According to a statement issued by BankAmerica today, Mr. Schwab resigned to be able to devote ''undivided time and attention'' to the affairs of Charles Schwab & Company, the discount brokerage that he founded and heads and that is owned by BankAmerica.
From the very beginning, Charles Schwab has put himself squarely in the bullseye of this journey. His name is on the building. His face adorns the ads. Customers may do business with any of the thousands of Schwab people around the world, but Chuck--please, not Charles--is their broker. What is in the company's DNA that has allowed it to succeed in so many harsh environments? What permitted a discount brokerage to give up $9 million in fees to offer the No-Annual-Fee IRA just because it seemed right?
SAN FRANCISCO, CA, December 22, 2006 -- The Charles Schwab Corporation (Nasdaq: SCHW) today announced an agreement to acquire The 401k Company from Nationwide Financial Services, Inc. (NYSE: NFS) for $115 million in cash. The deal is expected to close by the end of the first quarter in 2007, subject to customary closing conditions. The 401k Company will join the Investor Services Enterprise which includes Schwab's Corporate & Retirement Services division.
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