Charles R. Schwab

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Charles R. Schwab
Charles schwab 2007.jpg
BornCharles Robert Schwab, Jr.
(1937-07-29) July 29, 1937 (age 76)
Sacramento, California, U.S.
EducationB.A. and M.B.A. Stanford University
OccupationBusinessman/Philanthropist
Known forFounder and chairman of the Charles Schwab Corporation
Net worthIncrease $5.1 billion (September 2013)[1]
ReligionRoman Catholic
Spouse(s)Susan Schwab (divorced)
Helen O'Neill
Childrenwith Susan Schwab:
--Charles Schwab Jr.
--Carrie Schwab-Pomerantz
--Virginia Schwab
with O'Neill:
--Michael Schwab
--Helen Schwab
ParentsTerrie and Lloyd
 
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Charles R. Schwab
Charles schwab 2007.jpg
BornCharles Robert Schwab, Jr.
(1937-07-29) July 29, 1937 (age 76)
Sacramento, California, U.S.
EducationB.A. and M.B.A. Stanford University
OccupationBusinessman/Philanthropist
Known forFounder and chairman of the Charles Schwab Corporation
Net worthIncrease $5.1 billion (September 2013)[1]
ReligionRoman Catholic
Spouse(s)Susan Schwab (divorced)
Helen O'Neill
Childrenwith Susan Schwab:
--Charles Schwab Jr.
--Carrie Schwab-Pomerantz
--Virginia Schwab
with O'Neill:
--Michael Schwab
--Helen Schwab
ParentsTerrie and Lloyd

Charles R. Schwab is an American businessman and investor and the founder of the Charles Schwab Corporation.

Early life and education[edit]

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 also attended pre-college school at Holy Rosary Academy in Woodland, California.[5] Schwab is dyslexic, but was unaware until the age of 40; he had no interest in it until he learned that his son was dyslexic as well.[6] The Charles and Helen Schwab Foundation aims to assist children with the disorder.[7] Despite having a very similar name, Charles R. Schwab is not related to Charles M. Schwab, the American steel magnate. 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.

Career[edit]

In 1963, Charles R. "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 was incorporated in California as First Commander Corporation, a wholly owned subsidiary of Commander Industries, Inc., for traditional, brokerage services and to publish the Schwab investment newsletter. In November of that year, Mr. Schwab and four others purchased all the stock from Commander Industries, Inc., and in 1972, Mr. Schwab bought all the stock from what was once Commander Industries. In 1973, the company name was changed to Charles Schwab & Co., Inc.[8] In September 1975, Schwab opened its first branch in Sacramento, CA,[8] after offering discount brokerage from May 1, 1975.[9] In 1977 Schwab began offering seminars to clients, and by 1978 Schwab had 45,000 client accounts total, the number growing 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 to offer 24/7 order entry and quote service, its first international office was opened in Hong Kong, and the number of client accounts totaled 374,000.[8]

Today, 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 also access services online and by telephone.

Personal life[edit]

Schwab has been married twice; he has three children from his first marriage to Susan Schwab:[10][11] Charles Jr. (Sandy); Carrie; and Virginia.[11] They 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 4 children: Haley, Samantha, Sydney, and Charlie.[14][15] A practicing Roman Catholic, he and his wife Helen currently live in Woodside, California, and are involved in philanthropy.[16] Charles is also an avid golfer with an 8 handicap and a member at San Francisco Golf Club.

See also[edit]

References[edit]

  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. ^ a b "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. ^ a b c "Schwab History". Retrieved 2010-09-29. 
  9. ^ a b "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" by Dawn Kawamoto June 17, 2011
  11. ^ a b c d Charles Schwab: How One Company Beat Wall Street and Reinvented the Brokerage Industry by John Kador Dec 2002
  12. ^ a b Charles Schwab website: "About Schwab: Charles R. Schwab - Chairman of the Board" retrieved November 25, 2013
  13. ^ a b Practical Money Skills: "Speaker Bios - Carrie Schwab-Pomerantz" retieved 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. ^ Charles Schwab's Guide to Financial Independence, Crown Publishers, New York (1998)

External links[edit]