Hyderabad: Charles Schwab, the US-based financial services major, made its India debut on Wednesday, August 19, with Schwab India in Hyderabad.
The 345,000 sq ft technology capability centre will support Charles Schwab’s US business, said the Times of India.
The company plans to have a 2,000-strong workforce by the end of 2027 and would handle in-house the technology work it has been outsourcing.
Telangana IT and Industries minister D Sridhar Babu inaugurated the facility along with Charles Schwab leaders, including Christopher Wyse, managing director and chief corporate affairs officer.
Sridhar Babu said Hyderabad was moving beyond shared services to build technology that powers global trading and brokerage.
He said the city hosts nine of the world’s top 10 brokerage and trading institutions, representing about USD 40 trillion in assets under management, and more than 475 global capability centres.
“Mumbai is India’s trading and brokerage capital, but Hyderabad is increasingly building the technology that powers trading and brokerage for the world,” he said.
Wyse said the investment would help Schwab serve 48 million account holders and 30,000 employees who depend on its technology platforms.
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