Charles Schwab 2009 Annual Report Download - page 9
Download and view the complete annual report
Please find page 9 of the 2009 Charles Schwab annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2 -
3 -
4 -
5 -
6 -
7 -
8 -
9 -
10 -
11 -
12 -
13 -
14 -
15 -
16 -
17
 |
 |
Last year, Schwab added almost 1 million new client accounts
while maintaining a healthy balance sheet and delivering signicant
improvements to our client services and products — a solid performance
in the best of times, and an outstanding one given the economic
reality of 2009.
Through Clients’ Eyes
As we stuck to our strategy of focusing on our clients — on seeing our
business and the services we provide from their perspective — it became
clear that everything we’ve done in our 35-year history led us to be the
rm people needed during this very tumultuous time. Through it all,
Schwab remained a reliable source of nancial services, a trusted provider
of help and advice, and a stable rm committed to delivering great value —
all when it was needed the most.
Let me put a little context around that.
A Tough Environment for Investors and Savers
Despite the market advances since March 2009, investors and savers
continue to suffer. An estimated $12.6 trillion in household wealth has
simply disappeared between mid-2007 and the third quarter of last year.
Millions of Americans have lost their jobs, lost their homes, and lost faith
in business and the economy.
In addition to a challenging investing environment, the prevailing ultra-low
interest rate policies have made it difcult to earn an attractive return
on savings, hitting particularly hard those who depend on their savings
for income. After spending a lifetime making responsible decisions
about spending and debt accumulation, many of these savers have
suffered as their yields on cash investments declined to negligible levels.
Understandably, some individuals began to focus less on investing and
saving and more on shoring up the foundation of their nancial picture —
for example, paying down debt.
While these factors impacted our revenues in 2009, Schwab came
through it all as a strong and solid company.
To My Fellow Stockholders:
From Walt Bettinger, President and Chief Executive Officer
LETTER FROM THE CHIEF EXECUTIVE OFFICER 15