Charles Schwab To Cut 1,000 Jobs Following Acquisition Of TD Ameritrade
(RTTNews) - Financial services company Charles Schwab Corp. (SCHW) Monday said the streamlining of its structure following the acquisition of TD Ameritrade Holding Corp. (AMTD) will result in a reduction of around 1,000 positions.
This represents about 3% of the combined workforce of Charles Schwab and TD Ameritrade. After this week, no additional company-wide reductions will be executed in 2020, the company noted.
In a statement, the company noted that it is taking further steps to bring both companies together, streamlining the structure and reshaping branch network.
Charles Schwab has begun notifying individuals that their roles have been eliminated and they will be leaving the firm.
The company would provide full transition support to the affected employees, including reemployment assistance and severance benefits.
Further, the affected employees would 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, "These reductions are part of our efforts to reduce overlapping or redundant roles across the two firms, but the combined firm will continue to hire in strategic areas critical to support our growing client base."
Teams will be combining over time, and each enterprise will proceed at a different pace over the next 18 to 36 months.
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