{"id":8393,"date":"2023-11-02T00:46:40","date_gmt":"2023-11-02T00:46:40","guid":{"rendered":"https:\/\/infundpros.com\/business\/charles-schwab-lays-off-about-2000-employees\/"},"modified":"2023-11-02T00:46:40","modified_gmt":"2023-11-02T00:46:40","slug":"charles-schwab-lays-off-about-2000-employees","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=8393","title":{"rendered":"Charles Schwab lays off about 2,000 employees"},"content":{"rendered":"
\n

\n Charles Schwab has laid off about 5% to 6% of its employees, amounting to roughly 2,000 people, as it looks to cut costs.\n <\/p>\n

\n A Schwab spokesperson said these \u201cwere hard but necessary steps to ensure Schwab remains highly competitive, with industry-leading levels of efficiency, well into the future.\u201d\n <\/p>\n

\n The company only released a percentage of how many people were laid off and didn\u2019t give a precise number, <\/strong>but <\/strong>Schwab\u2019s headcount was 35,900 as of September 30, according to a corporate fact sheet.\n <\/p>\n

\n \u201cThey are decisions that impact very talented people personally, and we take that very seriously,\u201d a spokesperson said. \u201cWe worked diligently to ensure affected employees were treated with care and respect throughout this difficult process.\u201d\n <\/p>\n

\n The cost-cutting measures were first announced in the summer, with the brokerage looking to cut $500 million in costs as it faces investor pressure.\n <\/p>\n

\n Part of the changes includes evaluating its \u201creal estate footprint, streamlining our operating model, and staffing reductions, largely in non-client-facing areas,\u201d a Schwab spokesperson said.\n <\/p>\n

\n Like other banks, Schwab endured turbulence earlier this year when its bottom line was given a hard look by investors after the collapse of Silicon Valley Bank.\n <\/p>\n

\n Shares of Schwab (SCHW) are down 35% for the year, and up 1% in early afternoon trading.\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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