Correction: An earlier version of this article said that Schwab is budgeting $5 billion to rebuild its platform. That dollar amount is wrong insofar as it was accidentally taken from a quotation of Schwab CFO Joseph Martinetto that referenced bank assets. The amount Schwab will spend on upgrading its broker-dealer platform has not been disclosed. The company’s spokesman says it is considerably less than $5 billion. In addition, we referenced wrongly Martinetto’s status at the firm. Though he is leaving the CFO position, it is not to retire but to take on a broader position at Schwab with a new CFO reporting to him. We regret these errors.
The Charles Schwab Corp. is turning its focus to its core broker-dealer software.
The firm’s broker-dealer platform needs special attention that goes beyond the usual annual technology outlays, according to comments made by Joe Martinetto, the San Francisco-based firm’s executive vice president and chief financial officer, as he ran through areas of spending focus.
“As much as we have spent on rebuilding technology over the course of the past few years, there’s actually more to do. One ...