Charles Schwab layoffs 1,000 job positions to reorganize its network

On Monday, Charles Schwab Corp. (SCHW.N) announced that it would start laying off 1,000 job positions in its combined workforce with TD Ameritrade Holding (AMTD).

The American multinational financial services company said that the move was made to streamline and reshape its branch networks in the United States.

“These reductions are part of our efforts to reduce overlapping or redundant roles across the two firms,” Charles Schwab said.

The firm also said that it would not implement any additional company-wide reductions for the rest of the year.

“Employees whose roles are impacted by today’s changes will have early access to all newly opened positions and be treated as internal candidates for the more than 1,000 currently open positions at Schwab through their 60-day notice period”, the company said in a statement.

In November 2019, Charles Schwab completed an acquisition deal with TD Ameritrade Holding in an all-stock deal worth $26 billion.

According to IBES data from Refinitiv, Charles Schwab posted its third-quarter adjusted earnings worth 51 cents per share.