Charles Schwab lays off 200 extra workers amid TD Ameritrade integration

Charles Schwab lays off 200 extra workers amid TD Ameritrade integration

A pedestrian passes in entrance of a Charles Schwab Corp. financial institution department in downtown Chicago, Illinois.

Christopher Dilts | Bloomberg | Getty Photographs

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 an internet brokerage behemoth with almost $6.7 trillion in consumer belongings and almost 30 million brokerage accounts.

The combination of the 2 corporations is anticipated to happen over the subsequent 18 to 36 months as the corporate streamlines operations.

Shares of Charles Schwab ticked almost 1% decrease on Wednesday.

“These job reductions are a part of our persevering with efforts to cut back overlapping or redundant roles throughout the 2 corporations. On the identical time, we’re persevering with to rent in strategic areas essential to help our rising consumer base and evolving product and repair choices,” Hooper added.

Schwab additionally stated regardless of the layoffs it should proceed to rent greater than 1,400 workers in strategic areas essential to help its rising consumer 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.

Subscribe to CNBC PRO for unique insights and evaluation, and dwell enterprise day programming from around the globe.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *