Charles Schwab Launches $20B Stock Buyback Program

Charles Schwab has launched a new $20 billion stock buyback program, replacing the previous authorization with $6.9 billion remaining. The announcement follows strong second-quarter earnings, with net income rising to $2,126 million from $1,332 million a year earlier and a 21% share price increase over the last quarter. Schwab's leadership attributed the decision to ongoing business momentum and confidence in future prospects. Following the news, Schwab's stock reached a record high in after-hours trading. The buyback is intended to enhance shareholder value and support strategic investments, including integration and technology upgrades. Schwab's solid performance strengthens its position in the US capital markets.