Charles Schwab to give most employees 5% raise, pushes back return to office

A pedestrian walks in front of a bank branch of Charles Schwab Corp. in downtown Chicago, Illinois.

Christopher Dilts | Bloomberg | Getty Images

Brokerage firm Charles Schwab gives most of its employees a special 5% raise as record highs in the stock markets drive industry profits.

CEO Walt Bettinger said in a press release on Thursday that he wanted to reward employees “for their contribution and tireless commitment to see the world through the eyes of customers, even in the most difficult times.”

Schwab, one of the largest U.S. brokerages alongside competitors like Fidelity, Interactive Brokers and upstart Robinhood, benefited greatly from soaring stock markets and increased retail participation during the pandemic. Schwab said customers opened 4.8 million new accounts in the first half of the year and new assets totaled $ 257 billion, double the figure last year.

The salary increases “will apply to the vast majority of the company’s employees from the end of September 2021,” the company said. “The company’s board of directors or colleagues who participate in Schwab’s compensation plans are not taken into account.”

The Westlake, Texas-based company also said it was postponing its plans to return to the office until January 2022 at the earliest due to the more contagious Delta variant of the coronavirus.

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