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Schwab Faces ‘Unpredictable Issues’ in Work From Home Rush

  • Closing branches to public being considered beyond Bay Area
  • Brokerage faced record levels of client trades as markets drop
Pedestrians pass in front of a Charles Schwab Corp. office building in New York.
Photographer: Christopher Lee/Bloomberg
Updated on

Charles Schwab Corp. said it’s rushing to get more employees working from home, conceding its systems weren’t built to withstand the stresses on the business that the coronavirus outbreak has caused.

In a memo to employees on Tuesday, Nigel Murtagh, executive vice president of corporate risk, said more than 7,000 of the firm’s 20,000 employees are working from home and the company is trying to accommodate even more. Separately, the company said Wednesday it’s temporarily closing its Bay Area branches to the public and may do so for its retail branches.