Charles Schwab to give most of its employees a 5% raise

Charles Schwab will give "the vast majority" of its employees a 5% pay increase effective in late September, rewarding them for powering through the pandemic and adding to a growing list of companies sweetening compensation to keep workers in a tight labor market.

Schwab benefited from an increase in trading and rising stock markets during the pandemic, opening 4.8 million new accounts through June and doubling the amount of stocks, bonds and other securities it holds for customers to $257 billion compared with a year earlier, the company said in a statement yesterday.  "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," CEO Walt Bettinger said in the statement.