The Firm represented the underwriters, led by Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, TD Securities (USA) LLC and Wells Fargo Securities, LLC as joint bookrunning managers, in connection with the public offering by Charles Schwab of 1,500,000 Depositary Shares, each representing a 1/100th interest in a share of 6.100% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series L, par value $0.01 per share, with a liquidation preference of $100,000 per share (equivalent to $1,000 per depositary share). The offering of the preferred stock closed on April 22, 2026.
Charles Schwab is a savings and loan holding company and engages, through its subsidiaries, in wealth management, securities brokerage, banking, asset management, custody and financial advisory services.
The Simpson Thacher team included Roxane Reardon and Joseph Hahn (Capital Markets); Spencer Sloan (Bank Regulatory); Jonathan Cantor and Paul Jansch (Tax); George Gerstein (Executive Compensation and Employee Benefits); Alysha Sekhon (Intellectual Property); Daniel Levien and Xue Feng (Regulatory); and Jennie Getsin (FINRA and Blue Sky).