In September, Schwab laid off 600 of its employees in San Francisco, which is about 3% of its total workforce.
the layoffs were to ensure Schwab remains "well-positioned to serve clients while navigating an increasingly challenging economic environment."
"There's really nothing that I'm involved in and have to sign off on that is more difficult than the decision on layoffs," said Bettinger. "In no way is it as difficult as the people that are actually impacted by that." Bettinger said he believes the layoffs are a thing of the past. "We don't anticipate having to revisit that in the near term," he added.
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