Charles Schwab has hired Crispin Porter + Bogusky as its new lead creative agency.
The selection came after a review that began in September. Four agencies pitched the business and Charles Schwab narrowed the field to two in December. The Minneapolis office of Fallon was the runner-up.
The incumbent was Havas Worldwide, the agency formerly known as Euro RSCG, which had handled the account since 2004. Though no longer lead agency, Havas remains on Charles Schwab's roster, creating ads for the company's Active Trader and optionsXpress offerings.
Schwab spent some $70 million across media in 2011, according to Nielsen. That estimate does not include digital spending.
Crispin's Los Angeles office will lead efforts on the account. Charles Schwab is based in San Francisco.
“CP+B demonstrated a very strong understanding of our heritage, our target and our challenger brand history and philosophy,” said Jonathan Craig, Schwab's chief marketing officer. “The work they developed delivered in a fashion that was true and credible to our voice, and we’re looking forward to great things to come.”
Craig launched the review shortly after he replaced Laurine Garrity as marketing chief last year.
Media planning and buying were not in play and remain at Interpublic Group's UM. External View Consulting Group in Culver City, Calif. managed the search.