Charles Schwab Cuts Up to 6% of Workforce, Approximately 2,000 Jobs, Amid Cost-Cutting Measures

Job Cuts Part of Ongoing Effort to Achieve $500 Million in Annual Savings, Following TD Ameritrade Integration and Office Downsizing

Amid efforts to achieve $500 million in annual savings, Charles Schwab has laid off 5% to 6% of its total workforce, which is approximately 1800 to 2154 employees.
The cost-cutting measures including staff reductions were largely applied in non-client-facing areas and were termed as 'hard but necessary' to ensure the firm's competitiveness and efficiency in the future.
The reduction follows Charles Schwab's relocation of its headquarters from San Francisco to Westlake, Texas, in 2020, and its assimilation of TD Ameritrade, which have contributed to the ongoing organizational changes.
Despite these job cuts, Charles Schwab's stocks have seen a rise of 1.4%, indicating a positive market reaction.
These steps align with the financial sector's prevalent trend of personnel and cost reductions, as companies including JPMorgan Chase, Citigroup, Goldman Sachs, and Morgan Stanley have carried out similar measures.