Schwab Says It’s Hiring in ‘Nearly All Areas and Functions’

Charles Schwab continues to aggressively hire professionals in financial and client service positions and other roles, the company said Thursday.

“Schwab is hiring in nearly all areas and functions of the company, including our client services group and among our technology teams, and we are hiring for positions in multiple regions, including all of our service center locations,” a Schwab spokesperson told ThinkAdvisor.

However, the company didn’t specify how many people it plans to hire for all of 2022. “We don’t disclose specific future hiring projections,” the spokesperson said.

The hiring plan was underscored by the 1,000 or so job listings at Schwab’s online jobs board.

Despite the many job cuts that Schwab made after announcing its planned acquisition of TD Ameritrade, completed in October 2020, many of those cuts were at TDA and the firm has continued to hire aggressively otherwise.

As the company cited in its Business Update call on Jan. 28, Schwab “hired more than 300 financial consultants and more than 2,800 client service professionals across Schwab/Ameritrade” in 2021, the spokesperson said Thursday.

Most of the jobs listed on Schwab’s jobs board Thursday, however, are Schwab positions and not Ameritrade ones. Of the 1,000 or so job listings, only about 70 were for Ameritrade positions. Those Ameritrade positions included about 20 in financial planning.

Schwab has “nearly 450 open roles” in Austin, Texas, that it was looking to fill, a company spokesman told ThinkAdvisor in September. Those new hires will join the “nearly 2,750 employees currently based there,” he said at the time.

The hiring plan was part of the firm’s “continuing” plan to fill client service and technology roles “as well as most other functions” across multiple U.S. locations, he said at the time.

That plan was first announced by Schwab in July, when it said in a news release that “through its Schwab and TD Ameritrade broker dealers” it was “currently hiring in key markets nationwide, part of an expansion of the company’s ongoing recruitment efforts.”

At the time, it said that “open positions span functions across Schwab and TD Ameritrade, with a particular emphasis on financial consultants, client service, licensed representatives, and technology professionals, across the company’s employment centers, including Dallas-Forth Worth, Omaha, St. Louis, Austin, San Francisco, Phoenix and Denver.”

The firm is “hiring aggressively across Schwab and TD Ameritrade” in those markets, Schwab spokeswoman Mayura Hooper told ThinkAdvisor at the time.

However, after the Schwab-TDA merger was finalized, Schwab said it was slashing more than 1,000 jobs and then announced another 200 or so job cuts in February 2021 as part of its ongoing integration with TDA.