Charles Schwab plans to cut jobs and close or downsize some corporate offices as part of company efforts to reduce operating costs, the financial services firm said in a Monday regulatory filing.
With these cuts, Charles Schwab expects to achieve at least $500 million of incremental annual run-rate cost savings — but also incur about $400 million to $500 million from expenses like employee compensation, benefits and facility exit costs.
Office locations set to be impacted by closures or downsizing were also not specified, but Charles Schwab said it expected to incur those real estate-related costs in 2023 and 2024. “We have said, we intend to take a series of actions this year and into 2024 aimed at removing cost and complexity from the firm, including reducing our expense base and streamlining our operating model,” a Charles Schwab spokesperson said in a statement sent to The Associated Press. “This will result in eliminating some positions in the coming months, mostly in non-client facing areas.”
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