Charles Schwab has announced the appointment of Mike Verdeschi, a 33-year veteran of Citigroup, as Managing Director and deputy CFO. Verdeschi, who most recently served as Citi’s treasurer overseeing a $2 trillion balance sheet, will assume the role of CFO following the retirement of Peter Crawford, a longstanding figure at Schwab. Crawford's departure marks the end of his 23-year tenure with the firm, during which he played a pivotal role in its growth as a leading investment services provider in the United States.
Verdeschi’s responsibilities upon assuming the CFO position will encompass a wide array of critical functions including treasury operations, financial planning, investor relations, and corporate strategy. His appointment comes amidst Schwab’s final stages of its TD Ameritrade integration, a $26 billion acquisition aimed at bolstering its market position. Despite recent financial figures indicating a slight decline in growth, Schwab has consistently surpassed earnings expectations, reflecting robust operational efficiency and strategic foresight under Crawford's stewardship and anticipated continuity with Verdeschi's leadership.
