Pensions & Investments, May 26th, 2003
A Page 2 article in the May 12 issue on consolidation in the 401(k) industry speculated that Charles Schwab Corp. was considering the sale of its bundled defined contribution business.
Prior to publication of the article, we denied these rumors in several conversations with Pensions & Investments for the simple reason that they are completely untrue, particularly in light of Schwab's business and business strategy. Your decision to publish such speculation created unnecessary concern among our clients, retirement plan participants and our own employees.
The implication that size and scale ...
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