Schwab CEO says brokers may compete through price for customers
NEW YORK, July 24 (Reuters) - Charles Schwab Corp and its discount brokerage competitors will compete more intensely for customers once the Federal Reserve raises interest rates, Chief Executive Walt Bettinger said Friday.
The firms will be driven by the strong profit they can gain from investing cash in client accounts as rates rise, he told analysts at a company conference. Bettinger said the competition could come in the form of price, features or service. He would not discuss whether Schwab would be willing to sacrifice shareholder profit by cutting commissions in order to build market share.
(Reporting By Jed Horowitz)
