Charles Schwab To Cut 5-6% Job Roles

Charles Schwab is going to cut 5-6% of its workforce, which translates into 2,000 employees in numbers. The financial services company has stated that the layoffs are necessary to ensure the company's future competitiveness and efficiency.

The job cuts are reportedly going to impact the roles that are not directly involved in client services. That means functional roles in departments like finance, marketing and technology are going to face the axe.

In addition, the company will be reviewing its office locations and simplifying its operations as part of the cost-cutting measures.

Schwab has also announced that it will be reviewing its office locations and simplifying its operations as part of the cost-cutting measures. The job cuts are announced at a time when the financial services industry is grappling with issues like rising interest rates, inflationary pressures, and the problems posed by the Ukraine-Russia war.