Item 8.01 Other Events
The company has been responding to an investigation by the U.S. Securities and
Exchange Commission (SEC) arising from a compliance examination. The
investigation largely concerns historic disclosures related to the Schwab
Intelligent Portfolios® (SIP) digital advisory solution.
The company has been cooperating with SEC staff in the investigation and is
evaluating its options. Given the investigation's status, Schwab's second
quarter 2021 financial results will include a liability and related
non-deductible charge of $200 million. The company's ultimate liability may
differ, depending on the outcome of the matter.
The company intends to continue cooperating with the SEC with the goal of
resolving this matter and remains focused on its core purpose of helping
investors achieve their financial goals. SIP is well established as a key
component of our digital advisory lineup, which served almost $64 billion in
client assets as of March 31, 2021 - up 51% on a year-over-year basis.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No. Description
104 Cover Page Interactive Data File - the cover page interactive data
file does not appear in the Interactive Data File because its XBRL
tags are embedded within the Inline XBRL document.
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