Charles Schwab CEO states the company benefits from AI and is surprised by the stock sell-off

LootboxPhobia · 2026-02-17T09:11:35+00:00

Charles Schwab CEO Rick Wurster was surprised by the recent sell-off of the company's stock, believing that artificial intelligence is beneficial to the business and emphasizing that AI helps reduce operating costs. He expressed disappointment with the market reaction, feeling that investors are overlooking the company's advantages in the AI field.

LootboxPhobia

2026-02-17 09:11:35

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Investing.com – Charles Schwab CEO Rick Wurster expressed surprise at the recent sell-off of the company’s stock, stating that artificial intelligence actually benefits rather than hinders the company’s business.

In an interview with Bloomberg Television on Wednesday, Wurster responded to investor concerns after Schwab’s stock dropped 7.4% on Tuesday amid AI disruption fears.

“We are benefiting from AI and using AI in customer service,” Wurster said, emphasizing the company’s use of AI-driven Wealth.com in customer interactions.

The CEO highlighted that AI technology has helped Schwab reduce operational costs, noting that “the cost to serve a Schwab account has decreased by 21%.”

Wurster expressed disappointment with the market reaction, saying he is “disappointed and surprised by the stock sell-off,” and implying that “the market is overlooking the fact that we are winners in the AI space.”

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