Charles Schwab will increase 5% to most employees and return to office

Brokerage Charles Schwab is giving most of its employees a special 5% increase as record stock market levels drive industry profits.

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

Schwab, one of the largest brokerages in the United States, along with competitors such as Fidelity, Interactive Brokers and Robinhood, has benefited powerfully from rising stock markets and increased retail participation during the pandemic. Schwab said that during the first half of the year, customers opened 4.8 million new accounts and that new assets amounted to $ 257 billion, double the amount of the previous year.

The increases “will apply to the vast majority of the company’s employees, beginning in late September 2021,” the company said. “It will not include the company’s Executive Board or its colleagues involved in Schwab’s incentive compensation plans.”

The Westlake, Texas-based company also said it would withdraw its plans to return to the office by January 2022, due to the more contagious delta variant of the coronavirus.