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Charles Schwab Is Quietly One of the Biggest Banks in America. That's a Problem.

Oct 01, 2020 - Institutional Investor
Board and Executive Moves-Mergers and Acquisitions

Schwab CEO Walt Bettinger's plan to attract the rich, lock in the young, and crush the threat of Robinhood.

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Walt Bettinger, chief executive of Charles Schwab Corp., had just signed a deal to acquire the company's main trading rival "" TD Ameritrade "" for a massive $26 billion in Schwab shares. But rather than crow about Schwab's bulging market clout, he surprisingly called the takeover a "unique opportunity to build a firm with the soul of a challenger."

Almost a...