Charles Schwab to close Singapore office

[BENGALURU] Discount brokerage company Charles Schwab Corp said on Thursday it will close its Singapore office, less than two years after opening it.

"Charles Schwab Singapore will cease to provide services and will close its office in Singapore. We will no longer open new accounts for prospective clients," it said in a statement.

Charles Schwab had opened its Singapore office in late 2017 to provide greater access of the US market to investors in Singapore and Asia, who are often underexposed due to high transaction fees.

The launch of the office had come after integration and account migration from optionsXpress, a derivatives trading platform that Charles Schwab acquired in 2011.

The company, which provides brokerage and financial advisory services, reported an 8 per cent year-on-year jump in second-quarter net income at US$937 million. As of July, it had total client assets of US$3.75 trillion.

The company did not immediately respond to a Reuters request for comment on whether the step will lead to layoffs.

REUTERS