Charles Schwab will give many of its employees $1,000 as part of its coronavirus response, but the bonus doesn't apply to its contract workers

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Charles Schwab will give many of its employees $1,000 as part of its coronavirus response, but the bonus doesn't apply to its contract workers
Schwab
  • Charles Schwab said on Wednesday in an email to employees that it would distribute $1,000 spot bonuses to employees below the officer level as part of its coronavirus response, Business Insider has confirmed.
  • The San Francisco brokerage and wealth management firm's move, which follows some technology companies' similar offers as part of responses to the pandemic, excludes contract workers.
  • Charles Schwab, which is set to close on its TD Ameritrade acquisition later this year, also told non-essential employees they could work from home starting on Thursday.
  • Visit BI Prime for more stories.

Charles Schwab said on Wednesday in an email to employees that it would distribute $1,000 bonuses to employees below the level of firm officer, a gesture that excludes contract workers, as part of its response to try and cushion the blow of disruption from the novel coronavirus.

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The San Francisco-based brokerage and wealth management firm's move follows some technology companies' similar offers as part of internal responses to the pandemic that has spread around the world in recent weeks.

The firm, which is set to close on its TD Ameritrade acquisition later this year, also told non-essential employees they could work from home starting on Thursday.

Charles Schwab reported around 19,700 employees through Dec. 31, a group it defines as full-time, part-time, and temporary staffers, as well as "persons employed on a contract basis."

"A lot of people are working around the clock to ensure we are living up to both of our responsibilities: caring for our people and serving clients - both of whom are trying to navigate this pandemic," a spokesperson told Business Insider. "We have been working to shift the proportion of those working remotely as quickly as possible."

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Critical employees who will continue working in Charles Schwab's 360 branches include those working in areas like network operations, cybersecurity, trading, and call centers, the spokesperson said, adding the firm would implement practices in accordance with Centers for Disease Control and Prevention guidelines.

This story is developing. Please check back for updates.

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