COVID-19 Financial Industry Responses (4)
Charles Schwab has targeted investors, the general consumers, and employees for its messaging about the COVID-19 pandemic. The messaging has been communicated by investment executives, the executive vice president of corporate risk, and the company's spokespersons. The channels used include Charles Schwab's website, webcasts, podcasts, emails, memos, and social media.
- Executives such as Kathy Jones (senior vice president, chief fixed-income strategist), Jeffrey Kleintop (CFA, senior vice president, chief global investment strategist), and Liz Ann Sonders (senior vice president, chief investment strategist), and have utilized various channels for communicating their messaging to United States-based investors about the COVID-19 pandemic.
- On March 11, 2020, Charles Schwab published a webcast that featured Sonders discussing COVID-19 and the risk of recession.
- On March 13, 2020, Jones, Kleintop, and Sonders co-published an article on Charles Schwab's website that talked about how COVID-19 has hit the markets hard.
- On March 16, 2020, Kleintop published an article that talked about COVID-19 driving the market selloff and the types of investors doing the selling.
- Jones talked about the Federal Reserve's response to the impact of COVID-19 on the markets and the economy as a whole when she appeared on the episode of WashingtonWise Investor podcast published on March 19, 2020.
- On March 23, 2020, Sonders published an article that advised investors not to panic due to COVID-19 and continue to "maintain discipline around diversification and periodic rebalancing."
- Charles Schwab has used social media platforms such as Twitter and Facebook to promote the WashingtonWise Investor episode that featured Jones and the latest article published by Sonders.
- In a statement released to the media via email on March 19, 2020, Charles Schwab's spokesman Michael Cianfrocca announced that the company would temporarily close all branches in the United States to public access and walk-in traffic until April 7.
- He also stated that Charles Schwab is committed to balancing the health of its employees and representatives, and the need to support clients virtually from its branch locations.
- The company has also posted the announcement on Twitter and Facebook.
- In a memo sent to employees on March 17, 2020, Nigel Murtagh (executive vice president of corporate risk) said that "more than 7,000 of the company's 20,000 employees (worldwide) are working from home, and it is trying to accommodate even more."
- Murtagh also stated that the company is working to address some unpredictable issues, and is the process of building out its capacity to allow the majority of its employees to work from home at the same time.
- In a statement released to the media via email on March 18, 2020, the company's spokeswoman Mayura Hooper said that all employees with the ability to work remotely might do so on March 19 onward.
- She also stated that critical functions such as "network operations, cybersecurity, trading, call centers, and other areas" are required to be performed on-site.