Charles Schwab Undergoes Heart Surgery

The discount brokerage firm's founder and chairman is resting comfortably after surgery on Christmas Eve.
By Laurie Kulikowski ,

SAN FRANCISCO (

TheStreet

) --

Charles Schwab's

(SCHW) - Get Report

founder and chairman, Charles "Chuck" Schwab, is resting comfortably after surgery on Christmas Eve.

The 73-year-old chairman "underwent successful heart valve replacement surgery on Friday December 24th," Schwab CEO and President Walt Bettinger said in a statement. "He is resting comfortably and recuperating well from the surgery and expects to return home in the next few days. Everyone at Schwab wishes him well for a speedy recovery."

Charles 'Chuck' Schwab

Schwab started what is now a $20 billion market cap company in 1971. The company began offering discount brokerage services in 1973. Schwab competes with two other major online discount brokers

TD Ameritrade

(AMTD) - Get Report

and

E*Trade Financial

(ETFC) - Get Report

.

The online brokers have seen trading volumes diminish this year as the high volatility during the crisis fueled daily average revenue trades, or DARTs, a major contributor to revenue for all three companies. Despite services for registered investment advisors, bank offerings and other expansion services, the brokers still rely on DARTs to gauge the retail investor's interest in the equity markets.

Schwab shares were trading flat as the markets opened.

--Written by Laurie Kulikowski in New York.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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