Charles Schwab signs for SumTotal e-learning platform

Source: SumTotal Systems

SumTotal Systems (Nasdaq: SUMT), the largest provider of learning and business performance technologies and services, announced that Charles Schwab & Co., Inc. has purchased SumTotal's LMS 7.1, which is an enterprise platform solution for analysing, storing and delivering learning.

Schwab will use the software, among other things, to instruct 14,000 employees on job skills as well as compliance and regulatory issues.

"SumTotal will enable us to align training with our corporate strategy and business goals to generate bottom-line results," said Chip Luman, senior vice president Shared Services, Compensation and Benefits at Charles Schwab Co., Inc. "We are looking forward to deploying SumTotal to our workforce."

According to SumTotal, financial organisations use its solution to reduce not only the time it takes to develop a workforce but also the costs associated with learning and development. SumTotal says its products also simplify regulatory compliance audits. Financial institutions have also tapped SumTotal's technology to streamline the delivery of strategic messages linked to mergers and acquisitions, corporate restructurings, new products and services.

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