Thousands of Charles Schwab employees hit with layoffs
Charles Schwab, a leading financial services company, has announced layoffs that will affect thousands of employees. The company’s announcement detailed that the upcoming layoffs will affect five to six percent of employees, which is approximately 2,000 workers. The company currently employs 35,900 employees, and the significant reduction in headcount will greatly decrease costs. The company stated that Charles Schwab is taking various measures to reduce costs to ensure that it remains highly competitive and efficient in the near future. Investor analysis recommended that Charles Schwab cut 500 million dollars in costs after company shares decreased in value by 35% this year. Charles Schwab is also making internal changes to streamline company operations and increase efficiency.
See "Thousands of Charles Schwab employees hit with layoffs", Jordan Valinsky, CNN, November 2, 2023