Charles Schwab to lay off 1,000 workers following merger with TD Ameritrade

A pedestrian passes in front of a Charles Schwab Corp. office building in New York.

Gabriella Angotti-Jones | Bloomberg | Getty Images

Charles Schwab said Monday it is laying off 1,000 employees from the combined Schwab-TD Ameritrade company.

“We have begun notifying individuals that their roles have been eliminated and they will be leaving the firm,” Schwab said in a press release. “This will result in a reduction of approximately 1,000 positions or about 3% of the combined workforce of Charles Schwab and TD Ameritrade.”

Schwab did not immediately comment on what roles will be eliminated.

The $26 billion Schwab-TD Ameritrade merger closed earlier this month, creating a behemoth online brokerage with more than $6 trillion in client assets and 28 million brokerage accounts. The integration of Schwab’s and TD Ameritrade’s operations is expected to take place over the next 18 to 36 months as the company seeks to streamline its structure.  

“These reductions are part of our efforts to reduce overlapping or redundant roles across the two firms, but the combined firm will continue to hire in strategic areas critical to support our growing client base,” the firm said.

Schwab also said despite the layoffs it will continue to hire in strategic areas critical to support its growing client base. The terminated employees will get early access to all newly opened positions.

It is unclear which departments the layoffs will effect.

Schwab said it doesn’t expect any further layoffs in 2020.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

Source link




Egyptian billionaire Naguib Sawiris on a Biden presidency

U.S. President-elect Joe Biden will bring back the ethics and principles that were missing during the Trump administration, Egyptian billionaire Naguib Sawiris said...

Futures little changed after Dow posts best day since July on stimulus optimism

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 9, 2020.Bryan R. Smith | ReutersU.S....

Britain’s oldest brewer installs automated tech to cut electricity use

A British beer brewing firm that dates back centuries has installed new technology at one of its sites in an effort to streamline...

U.S. Leads Wealthy Nations in Pregnancy-Related Deaths

By Amy Norton HealthDay Reporter WEDNESDAY, Nov. 18,...

China economy, Japan trade data, currencies

SINGAPORE — Stocks in Japan were set to trade higher at the open, as investors await the release of China's GDP data.Futures pointed...