Pedestrians pass in front of a Charles Schwab Corp. office building in New York. (Photo: Victor J. Blue/Bloomberg) Pedestrians pass in front of a Charles Schwab Corp. office building in New York. (Photo: Victor J. Blue/Bloomberg)

Charles Schwab, which reported better than expected earnings last week, is making some changes at the top.

Terri Kallsen, who has led its retail brokerage operations since 2014, is leaving along with Andy Gill, the firm’s chief marketing officer. Jonathan Craig, a senior executive vice president in charge of retail and retirement plan businesses and the former boss of both executives, assumes their former responsibilities, but will no longer be the executive that Bernie Clark, head of Schwab Advisor Services, reports to.

Clark will now report directly to Schwab President and CEO Walter Bettinger, along with Jonathan Craig.

Glen Mathison, a Schwab spokesman, confirmed the changes, first reported by RIABiz, and said they take effect this week. He declined to explain the purpose of the restructuring other than to say that “this kind of organizational change happens from time to time.”

There may be other changes to come at Schwab. The Wall Street Journal recently reported that the firm is bidding about $2 billion for USAA’s brokerage and wealth management business, but the company has not confirmed the report and its spokesman today also declined to comment.

According to its last earnings report, Schwab’s second quarter earnings rose 8% to $937 million and total client assets grew 9% to $3.7 trillion. Net new assets, however, fell 15% from a year ago to $37.2 billion.

During much of that same period, Schwab’s subscription-based digital advisory service, known as Schwab Intelligent Portfolios Premium, attracted $1 billion in new assets since it was introduced in late March.

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