Charles Schwab Plans Laying Off Undisclosed Number of Employees in Order to Cut Costs

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Amazin Zion

Amazin Zion

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Charles Schwab Corp (NYSE:SCHW) has joined the league of big firms to start laying off some employees and also shut down some of its working offices to cut costs.

The economic impact is affecting big firms globally and Charles Schwab is not the first nor will it be the last in the downsizing of workforce trends.

This development was reported by the San Francisco-based brokerage giant to the Securities and Exchange Commission in a filing which is claimed is "directly related to the integration of TD Ameritrade."

The filing which was submitted to the SEC on Monday was to reduce headcount and professional services. Through this initiative, the brokerage giant is expected to save $500 million if this will be implemented in the coming days.

However, Charles Schwab did not disclose the number of employees that will be affected in the proposed layoffs which is expected to kickstart before the end of 2023, while the firm also clarified that the real estate exit costs may start in 2024.

Read more: https://www.investingport.com/charl...ed-number-of-employees-in-order-to-cut-costs/
 
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