brokerage democratizer: founder, charles schwab
In the late 1990s and early 2000s, we were growing by leaps and bounds. Everybody wanted to trade stocks. Then came the dot-com bust, and all of a sudden, business collapsed. I came back as CEO in 2004. We realized success had covered over mistakes, and we had begun to lose our compass. The only path forward was to go back to our core values—helping individual investors with lower costs, less complexity and great service. We cut expenses, we trimmed back staff, we sold off businesses, and ultimately we turned things around.