Charles Schwab plans job cuts and office downsizing
Charles Schwab plans to cut jobs and close or downsize some corporate offices as part of company efforts to reduce operating costs, the financial services firm said in a Monday regulatory filing NEW YORK -- Charles Schwab plans to cut jobs and close or downsize some corporate office s as part of company efforts to reduce operating costs, the financial services firm said in a Monday regulatory filing. With these cuts, Charles Schwab expects to achieve at least $500 million of incremental annual run-rate cost savings — but also incur about $400 million to $500 million from expenses like employee compensation, benefits and facility exit costs. The Westlake, Texas-based company did not specify how many positions would be eliminated — but suggested that the layoffs will take place in the coming months, noting that it anticipated most costs related to these job cuts for the second half of 2023. Office locations set to be impacted by closures or downsizing were also not specified, but Charl...