Jun 03, 2020 / 12:30PM GMT
Richard Henry Repetto - Piper Sandler & Co., Research Division - MD & Senior Research Analyst
Good morning. And welcome to our second session. I'm very pleased to have Walt Bettinger, the CEO of Schwab. I think everybody knows Walt. He's been the CEO since 2008. Schwab's a $48 billion market cap. We were joking even before we started. He's been through a crisis before, and he's fought a lot of headwinds in his career at Schwab. But he's also had plenty of success as well.
So first, thank you, Walt. I think this is your first conference, and it truly is an end of an era.
Questions and Answers:
Richard Henry Repetto - Piper Sandler & Co., Research Division - MD & Senior Research AnalystAnd that's where my first question starts. You communicated that 0 commissions that you were reducing your dependency on the commissions for a number of years. And so when it happened, I guess, we shouldn't -- I don't think had been surprised. But did you think that it would occur, it would actually initiate the consolidation in the industry? You're
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