Schwab to use SumTotal's LMS 7.1

SumTotal Systems has 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, a media statement said.

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.

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, the statement added.