COMP NEWS – Charles Schwab is boosting the compensation of its over 32,500 employees by 5%, the firm announces. The news comes as they also announce a delay in plans for staff to return to the office due to concerns about delta variants of COVID-19.
The pay raise, affecting most of Schwab’s 32,500 employees, will take effect in late September, the Westlake, Texas-based brokerage said Thursday in a statement.
“This increase is a way to reward our talented employees for their contributions and their relentless commitment to see the world through clients’ eyes, even during the most challenging times,” Chief Executive Officer Walt Bettinger said in the statement.
Charles Schwab is not the first large financial firm to boost its staff salaries. Blackrock raised its employees’ compensation by 8% last month.
Other parts of the financial sector have become highly competitive with their compensation, with banks as well as Biglaw firms competing to retain top talent with higher base wages and bonuses.
Big banks, meanwhile, have been locked in a bidding war for young talent, with Goldman Sachs Group Inc. among those dangling at least $110,000 in base pay for junior staffers, up from $85,000.
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