Schwab's Retail Brokerage Head to Depart

Glen Mathison, a Schwab spokesman, confirmed the changes, first reported by RIABiz, and said they take effect this week. He declined to explain the purpose of the restructuring other than to say that "this kind of organizational change happens from time to time."

There may be other changes to come at Schwab. The Wall Street Journal recently reported that the firm is bidding about $2 billion for USAA's brokerage and wealth management business, but the company has not confirmed the report and its spokesman today also declined to comment.

According to its last earnings report, Schwab's second quarter earnings rose 8% to $937 million and total client assets grew 9% to $3.7 trillion. Net new assets, however, fell 15% from a year ago to $37.2 billion.

During much of that same period, Schwab's subscription-based digital advisory service, known as Schwab Intelligent Portfolios Premium, attracted $1 billion in new assets since it was introduced in late March.

— Related on ThinkAdvisor:

• Schwab Aims to Buy USAA Brokerage Business: Report
• Schwab's Subscription Advisory Service Attracts $1 Billion in Less Than 4 Months