Charles Schwab Raises Employee Pay By 5%

(RTTNews) - Charles Schwab Corp. (SCHW) on Thursday announced a five percent pay increase for employees.

The company said the special pay increase is "in recognition of their unwavering service to clients and each other throughout the pandemic."

"Our teams' focus and dedication have resulted in outstanding results for our clients and growth for the company," said Walt Bettinger, President and CEO, The Charles Schwab Corporation. "This increase is a way to reward our talented employees for their contributions and their relentless commitment to see the world through clients' eyes, even during the most challenging times."

The firm's core net new assets reached a record $257.0 billion for the first half 2021, more than double the results achieved during the same period last year. During the same period, clients opened 4.8 million new brokerage accounts representing the company's second and third consecutive quarters in excess of a million new accounts.

This special increase will be applied to the vast majority of the company's employees, effective late September 2021.