Charles Schwab disclosed it has slashed another 200 or so jobs as part of its ongoing integration with TD Ameritrade following the completion of Schwab’s acquisition of its rival in October.
The job cuts are in addition to the more than 1,000 jobs that the company already said it was eliminating across the two firms following the finalization of that deal.
“As we’ve previously communicated, achieving the goals of our integration with TD Ameritrade also means we must make difficult but thoughtful decisions that enable us to meet our expense synergy targets,” Schwab spokeswoman Mayura Hooper told ThinkAdvisor on Tuesday.
“We are taking another step in that work and have notified approximately 200 of our colleagues that their roles are being eliminated,” she said. “We’re committed to providing everyone who is impacted with support to help ensure the smoothest transition possible, including reemployment assistance and severance benefits.”
The latest job reductions are “part of our continuing efforts to reduce overlapping or redundant roles across the two firms,” she explained.
The company did not specify how many of the jobs cut were at Schwab vs. TD Ameritrade. Nor did it specify what departments the cuts were made in.
However, “at the same time, we are continuing to hire in strategic areas critical to support our growing client base and evolving product and service offerings,” Hooper added. “Employees whose roles are eliminated as part of the integration have early access to all newly opened positions and are treated as internal candidates for the more than 1,400 currently open positions at Schwab.”