“We have begun to notify individuals that their roles are over and they will leave the firm,” the Schwab Executive Council said in a statement to staff. “This will result in a reduction in the combined workforce by about 1000 positions or about 3% Charles Swab (SCHW) And TD Ameritrade. ”
Schwab declined to comment on which teams and roles will be removed.
The company’s business will see a single downturn in 2020, and Pay said it will “continue to lease in critical areas to support our growing client base.”
Employees who lose their jobs will be admitted to new and open positions in the company as soon as possible. He will be considered an internal candidate for the role, but only within a 60-day notice period. The Schwab Executive Council said the company has more than 1,000 positions open.
Last year, Charles Schwab agreed to buy TD Ameritrade for 26 billion. Together, brokerage firms have about 24 million client accounts with more than 5 5 billion in consumer assets. At the time, Swab and TD AmeriTrade had annual revenues of about 25 25 billion.
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