By Kenneth Corbin

Charles Schwab is shuffling the ranks of its executive leadership and bringing together its wealth and banking businesses. The company named Neesha Hathi to head the new Wealth Advisory and Banking Services division, effective July 1.

Hathi, who currently serves as managing director and head of wealth and advice solutions, will continue to report to Schwab President and CEO Rick Wurster.

The union of the wealth unit and banking, with its profitable lending business, brings together two key growth areas for the company. Schwab says the combined operation will "focus on deepening relationships with individual investors and advisors through expanded wealth advisory and lending capabilities."

Schwab executives have noted that both in-house wealth capabilities and lending are priorities for the company, and areas where Citizens analyst Devin Ryan says Schwab is "meaningfully under penetrated."

Schwab announced a series of other executive transitions. Paul Woolway, the CEO of Charles Schwab Bank, intends to retire July 1. At that point, Tyler Woulfe, who currently serves as managing director of banking and trust services, will take over as president and CEO of the bank, reporting to Hathi.

Mitch Mantua, Schwab's general auditor, is also planning to retire July 1. Jessica Bramhall will take that position, a promotion from her current role as managing director of corporate internal audit operations. Schwab says that she will report both to the company's audit committee and to Wurster.

On the IT side of the operation, Schwab is creating a Technology, Operations, and Data division, to be headed by Dennis Howard. The operations side of that unit is new -- Howard currently oversees technology and data. He will continue to report to Wurster.

Wurster says the personnel transitions are a testament to the "strength and depth of our leadership bench" and thanked Woolway and Mantua for their service to the company. "These moves position us to continue delivering for the individuals, families, and businesses who trust Schwab with their financial lives," he says.

Separately, Schwab on Thursday announced a 19% dividend increase. Shares were trading around $103 late Friday morning, off about 0.3%.

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(END) Dow Jones Newswires

January 30, 2026 11:57 ET (16:57 GMT)

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