Schwab to Cut Staff, Real Estate to Save $500 Million a Year
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Charles Schwab Corp. is planning to cut jobs and close or downsize offices to achieve at least $500 million in annual cost savings as the brokerage responds to investor pressure.
The company will close or cut down on some real estate and reduce employee headcount, Westlake, Texas-based Schwab said Monday in a regulatory filing. Schwab said it will incur costs of roughly $400 million to $500 million, “primarily related to employee compensation and benefits and facility exit costs,” as a result of the cuts.