Charles Schwab to Cut 100 Jobs
Brokerage firm and investment manager Charles Schwab Corp. said Monday it is cutting at least 100 jobs in an effort to improve operating efficiency.
Schwab said it is cutting about 100 positions, and over the next two months will review further actions to improve efficiencies that could include further job cuts. The initial cuts will come as Schwab integrates and centralizes similar leadership roles across the firm, the company said in a statement.
The San Francisco-based firm had about 13,500 full-time equivalent employees as of Sept. 30.
Schwab said it expects to record severance charges of $20 million in the fourth quarter related to the 100 jobs cuts.
Aside from the cuts, the upcoming review will also focus on possible reductions in professional services, development projects and some marketing activities.
Schwab said it is cutting about 100 positions, and over the next two months will review further actions to improve efficiencies that could include further job cuts. The initial cuts will come as Schwab integrates and centralizes similar leadership roles across the firm, the company said in a statement.
The San Francisco-based firm had about 13,500 full-time equivalent employees as of Sept. 30.
Schwab said it expects to record severance charges of $20 million in the fourth quarter related to the 100 jobs cuts.
Aside from the cuts, the upcoming review will also focus on possible reductions in professional services, development projects and some marketing activities.
Labels: Charles Schwab, layoffs
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