Brokerage Charles Schwab is giving the vast majority of its representatives an exceptional 5% increase in salary as record stock market levels move the industry’s earnings.
CEO Walt Bettinger said Thursday in an official statement that he wanted to compensate workers “for their contributions and their relentless commitment to see the world through clients’ eyes, even during the most challenging times.”
Schwab, one of the greatest U.S. brokerages alongside competitors like Fidelity, Interactive Brokers and upstart Robinhood, has benefited powerfully from rising stock markets and expanded retail participation during the pandemic. Schwab said that in the first half of the year, customers opened 4.8 million new accounts and new resources added up to $257 billion, double the year-earlier amount.
The raises “will be applied to the vast majority of the company’s employees, effective late September 2021,” the company said. “It will not include the company’s Executive Council or colleagues participating in Schwab’s incentive compensation plans.”
The Westlake, Texas based firm likewise said that it was pushing back its re-visitation of office plans until January 2022 at the soonest on account of the more infectious delta variation of the Covid.