Vanguard and multiple Wall Street brokerage firms reported online outages and technical problems on Monday after both Apple and Tesla split their stocks.
“Earlier today, Vanguard experienced intermittent connectivity issues impacting our websites, mobile apps, and phones,” said spokeswoman Dana Grosser. “The issue has been resolved and we encourage clients to clear their internet cache and cookies, and recycle their web browser, before logging back on to our system. We apologize for the inconvenience and thank clients for their patience.”
Also, she said, “we have no reason to believe the issue was related to trading volumes. While we are still researching the root cause of the issue, we have no reason to believe this was due to an external party. Additionally, we are confident that the issues Vanguard experienced are not related to those experienced by other firms.”
Trading problems began as soon as Wall Street opened for trading, after Apple Inc. completed a 4-for-1 stock split and Tesla Inc. also split its stock 5-for-1, both effective Monday.
A number of other changes took place in the Dow Jones Industrial Average, including the addition of Amgen, Salesforce.com and Honeywell International. ExxonMobil, Pfizer and Raytheon were pulled out.
On message boards, Vanguard clients complained that their balances were in error.
A poster called “TheTimeLord” wrote at 10:44 am: “I can log on but the Account Overview and Balance & Holdings pages get a “The page you requested could not be found” message.”
Other financial firms also reported problems, including Charles Schwab, TD Ameritrade, Robinhood and Fidelity. According to the internet service tracker DownDetector, on the East Coast more than 2,600 users had reported problems with Robinhood. Vanguard, which resolved the problem, also received more than 2,600 reports. More than 1,300 users reported issues with Schwab, and more than 250 reported issues with E-Trade.
By later afternoon, however, trading resumed, although customers of Vanguard said they experienced long wait times on the phone to speak with customer service representatives of the Malvern-based investment firm. Vanguard counts roughly 30 million customers and $6 trillion in assets.
©2020 The Philadelphia Inquirer