Delaware | 94-3025021 | |
(State or other jurisdiction of | (IRS Employer | |
incorporation) | Identification No.) |
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Information to be included in the report
The Company estimates it will record a pre-tax gain on the sale of approximately $1.9 billion, and that after-tax proceeds will total approximately $2.5 billion. Proceeds will be used for general corporate purposes, including share repurchases and continued investment in Schwab Investor Services, Schwab Institutional and Charles Schwab Bank, N.A.
A copy of the press rele ase announcing the agreement to sell U.S. Trust is attached as Exhibit 99.1 to this Current Report on Form 8-K.
This Current Report on Form 8-K contains forward-looking statements that reflect management's current expectations. These statements relate to the gain on, and proceeds from, the sale of U.S. Trust Corporation, as well as the Company's future profit margin and return on equity performance. Achievement of these expectations is subject to risks and uncertainties that could cause actual results to differ materially from the expressed expectations. Important factors that may cause such differences include, but are not limited to, the final determination of related transaction costs and tax obligations, the timing of and ability to satisfy closing conditions and the Company's ability to sustain or improve the finan cial performance of its remaining businesses.
The Charles Schwab Corporation | ||||||||
Date: November 21, 2006 | By: | /s/ Christopher V. Dodds | ||||||
Christopher V. Dodds | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
Exhibit No. | Description | |
EX-99.1 | Press Release dated November 20, 2006 ("Schwab Announces Agreement to Sell U.S. Trust") |