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What To Know About Charles Schwab's Recent Layoffs

In response to evolving market dynamics , Charles Schwab, a key player in the financial services sector, recently implemented a significant workforce reduction in November 2023 . The layoffs affected approximately 5% to 6% of its employees, totaling around 2,000 individuals. The decision is part of a broader cost-cutting strategy aimed at enhancing the company’s efficiency and competitiveness. Charles Schwab’s Workforce Reduction A spokesperson for Charles Schwab confirmed the layoffs, emphasizing that these measures were essential to position the company for long-term success. While the precise number of affected employees was not disclosed, the firm ‘s headcount was 35,900 as of September 30, according to a corporate fact sheet. Initially announced in the summer, the cost-cutting initiatives include evaluating the company’s real estate footprint, streamlining the operating model and implementing staffing reductions, particularly in non-client-facing areas. Charles Schwab faced...

Feb 13, 2024