The Charles Schwab Pans to Cut 1,000 Employees

The Charles Schwab, a small discount brokerage to a leading investment services firm with more total assets than any publicly traded investment services firm in the U.S., updated on Monday it plans to lay off around 1,000 employees after acquiring TD Ameritrade businesses to “reduce overlapping or redundant roles between the two companies.

The San Francisco-based broker told employees in a Monday message that it has started to inform affected employees about the layoffs, which make up around 3 percent of the company’s total workforce.

Just a few weeks ago, Schwab completed its acquisition of TD Ameritrade. More specifically, Schwab completed its acquisition of TD Ameritrade on October 6th .

Schwab did not specify which departments would be affected by the cuts, as well as which teams and roles, but said there are no more company-wide layoffs in sight this year. 

According to the notice, Schwab also plans to continue filling vacancies it needs to support its growing customer base and to give laid-off employees early access to newly opened jobs.

"we will continue to hire in strategic areas critical to support our growing client base." said the firm.