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Charles Schwab to cut about 1,000 jobs

Credit: REUTERS/MIKE BLAKE

Charles Schwab Corp said on Monday it is laying off about 1,000 positions in the combined workforce of Charles Schwab and TD Ameritrade to streamline and reshape their branch network.

Adds quote on internal positions from statement, background of results

Oct 26 (Reuters) - Charles Schwab Corp SCHW.N said on Monday it is laying off about 1,000 positions in the combined workforce of Charles Schwab and TD Ameritrade to streamline and reshape their branch network.

"These reductions are part of our efforts to reduce overlapping or redundant roles across the two firms," Charles Schwab, which completed the acquisition of TD Ameritrade earlier in October, said.

The financial services company also said it won't be executing any additional company-wide reductions for the rest of 2020.

In November last year, Charles Schwab had agreed to buy TD Ameritrade Holding in an all-stock deal valued at $26 billion.

"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 on Monday.

Earlier this month, Charles Schwab reported third quarter adjusted earnings per share of 51 cents, topping analysts' estimates of 46 cents a share, according to Refinitiv IBES data.

(Reporting by Kartik Mehindru and Kanishka Singh; editing by Uttaresh.V)

((Kartik.Mehindru@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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