---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-170805"
form_type: "8-K"
ticker: "SCHW"
cik: "0000316709"
company_name: "SCHWAB CHARLES CORP"
filed_at: "2026-04-22T23:59:59+00:00"
generated_at: "2026-05-15T04:57:30.393694+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Schwab issues 1.5M depositary shares of 6.1% Series L preferred stock, netting ~$1.48B

## Summary
- Issued 1,500,000 depositary shares each representing 1/100th of a share of 6.100% fixed-rate reset non-cumulative perpetual preferred stock, Series L.
- Net proceeds of approximately $1.48 billion after underwriting discounts and estimated expenses.
- Preferred stock has liquidation preference of $100,000 per share ($1,000 per depositary share).
- Underwriters include Citigroup, Goldman Sachs, J.P. Morgan, Morgan Stanley, TD Securities, and Wells Fargo.
- Dividend restrictions on common and junior preferred stock apply if Series L dividends are not declared and paid.

## SEC filing metadata
- accession: 0001193125-26-170805
- form_type: 8-K
- ticker: SCHW
- cik: 0000316709
- company_name: SCHWAB CHARLES CORP
- filed_at: 2026-04-22T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 3.03, 5.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/316709/000119312526170805/0001193125-26-170805-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/316709/000119312526170805/d157689d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-170805
- JSON: https://secwatch.observer/filing/0001193125-26-170805.json
- Plain text: https://secwatch.observer/filing/0001193125-26-170805.txt

## Source-grounded claims
- claim_id: 45ea8c9f4686f65ae8f89f181578d6d3a84b144c
  claim: SCHWAB CHARLES CORP: Filed Certificate of Designations establishing Series L Preferred Stock (effective 2026-04-22).
  evidence_excerpt: the Certificate of Designations became effective upon filing with the Secretary of State of the State of Delaware
  evidence_url: https://www.sec.gov/Archives/edgar/data/316709/000119312526170805/0001193125-26-170805-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.