Schwab turns down slice of bailout pie
The Charles Schwab Corp. will not apply for funds under the Department of the Treasury's $700 billion Troubled Asset Relief Program, the San Francisco firm has announced.
The Charles Schwab Corp. will not apply for funds under the Department of the Treasury’s $700 billion Troubled Asset Relief Program, the San Francisco firm has announced.
The deadline for applications from financial services companies seeking to participate in the program was Friday.
“We possess a strong and flexible balance sheet with multiple sources of liquidity and strong credit ratings,” chairman Charles Schwab said in a statement released Friday. “Our capital strength, ongoing operating discipline and history of conservative fiscal management allow us to continue to maintain the strength, safety and soundness of our business without the need for government capital” he said.
Charles Schwab has 1.3 million corporate-retirement-plan participants, 427,000 banking accounts and $1.2 trillion in client assets.
Shares of the brokerage firm fell 13 cents per share, or 0.8%, to $16.48 in Monday morning trading.
Learn more about reprints and licensing for this article.
