A pedestrian passes in entrance of a Charles Schwab Corp. financial institution department in downtown Chicago, Illinois.Christopher Dilts | Bloomb
A pedestrian passes in entrance of a Charles Schwab Corp. financial institution department in downtown Chicago, Illinois.
Christopher Dilts | Bloomberg | Getty Photos
Brokerage agency Charles Schwab stated Wednesday it’s shedding about 200 workers from the mixed Schwab-TD Ameritrade firm.
That is the newest spherical of layoffs, following a purge of 1,000 workers in October 2020.
“We’re taking one other step in that work and have notified roughly 200 of our colleagues that their roles are being eradicated,” Schwab spokesperson Mayura Hooper stated in an emailed assertion.
The $22 billion Schwab-TD Ameritrade merger closed in October of final 12 months, creating a web based brokerage behemoth with practically $6.7 trillion in shopper belongings and practically 30 million brokerage accounts.
The mixing of the 2 corporations is predicted to happen over the following 18 to 36 months as the corporate streamlines operations.
Shares of Charles Schwab ticked practically 1% decrease on Wednesday.
“These job reductions are a part of our persevering with efforts to scale back overlapping or redundant roles throughout the 2 corporations. On the identical time, we’re persevering with to rent in strategic areas essential to assist our rising shopper base and evolving product and repair choices,” Hooper added.
Schwab additionally stated regardless of the layoffs it would proceed to rent greater than 1,400 workers in strategic areas essential to assist its rising shopper base. The terminated workers will get early entry to all newly-opened positions.
It’s unclear which departments the layoffs will have an effect on.
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