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Charles Schwab’s longtime chief executive Walt Bettinger will retire at the end of the year and be replaced by president Rick Wurster.
Bettinger will continue to co-chair the board with the firm’s namesake founder. The $118bn brokerage giant is seeking to turn around its fortunes after a difficult period when rising interest rates led to substantial outflows at its banking arm. Under Bettinger’s 16 years at the helm, client assets increased to $9.7tn from $1.1tn.
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