US discount brokerage company Charles Schwab to shut down Singapore office

American discount brokerage company Charles Schwab Corp has announced the closure of its Singapore office. The shutdown comes less than two years after opening it. 

Charles Schwab office in Princeton, New Jersey. Photo courtesy: Wikimedia
Charles Schwab office in Princeton, New Jersey. Photo courtesy: Wikimedia

“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,” a statement from the company read. 

The company which opened its doors in Singapore in 2017, provided greater access to US markets to investors in Singapore and Asia, who struggle due to high transaction fees.

According to a Reuters report, the company, which provides brokerage and financial advisory services, reported an 8% year-on-year jump in second-quarter net income at USD 937 million. As of July, it had total client assets of USD 3.75 trillion.

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CtoI News Desk
CtoI News Desk – CtoI

Singapore-headquartered online media company targeting Indian Diaspora across Singapore, US, UK and Dubai. Connected to India covers developments around Indians abroad, informing, engaging and entertaining its audiences.

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