Hyderabad: Charles Schwab, the US-based financial services major, on Wednesday formally opened Schwab India, its 345,000 sq ft technology capability centre in Hyderabad, marking its entry into India and strengthening the city’s growing capital markets technology ecosystem.The centre will support Charles Schwab’s US business through technology development, engineering and operational capabilities. The company plans to expand its Hyderabad workforce to about 2,000 employees by the end of 2027 and bring select technology work currently handled by contractors in India into its in-house operations.Telangana IT and Industries minister D Sridhar Babu inaugurated the facility along with Charles Schwab leaders Christopher Wyse, managing director and chief corporate affairs officer; Pradeep Menon, country head and managing director, Schwab India; and Subba Perepa, managing director of Schwab’s global capability centre.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 $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, adding that the state aims to develop Hyderabad as a global capital markets and WealthTech hub.Menon said Schwab India would contribute to the company’s technology capabilities over the long term, citing Hyderabad’s talent base, infrastructure and mature capability-centre ecosystem. Wyse said the investment would help Schwab serve 48 million account holders and 30,000 employees who depend on its technology platforms.Telangana govt said Schwab’s arrival adds to a financial technology cluster that includes Deutsche Börse, Vanguard, JP Morgan Chase, Bank of America, Goldman Sachs, State Street, Wells Fargo, UBS and Invesco across brokerage, investment management and cybersecurity.
