Get off your assets!
Charles Schwab wants a little more talk and a little more action. The online brokerage with the avuncular “Talk to Chuck” ads launched a new campaign in January, this time zeroing in on the frustration and outright anger that it says infected investors since markets toppled last year. The print version of the tough-love ads features one such disgruntled soul complaining “I did everything right. Then everything went wrong.” To which Schwab commands: “DO SOMETHING ABOUT IT”, “TALK TO CHUCK.”
Meanwhile, the company itself is taking its own kick-in-the-pants advice. Schwab cut some 100 jobs last month and expects to announce more this year as part of a muscular push to compress costs amid the market crash. The first round of layoffs was mostly senior management, and more could be detailed as early as Thursday, when it hosts a online business update for investors.