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Industry Spotlight > Clearing and Custodial Firms

Schwab Plans No More Layoffs: WSJ

By Jeff Berman

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After laying off some 2,000 employees this week, Charles Schwab isn’t planning more layoffs, The Wall Street Journal reported late Wednesday.

Schwab on Friday would neither confirm nor deny the report was accurate or comment on any further staff reduction plans in general.

“What I can assure everyone is that there are no additional meaningful position eliminations under consideration at this point in time,” Charles Schwab CEO Walt Bettinger said Wednesday in a video to employees, a transcript of which The Wall Street Journal reported seeing.

“Circumstances can change, but there is nothing in the works at this point,” Bettinger said in the transcript, according to the Journal report.

Charles Schwab has dimissed about 5%-6% of its total workforce as part of its latest round of layoffs, a company spokesperson told ThinkAdvisor on Wednesday.

The firm declined to provide several details about the cuts, including the total headcount affected, what kinds of positions were being eliminated and in what divisions of the company.

A 5%-6% reduction translates into about 2,000 jobs, based on the company’s total reported headcount of 35,900 as of Sept. 30. 

“We have said goodbye to [about] 5-6 percent of our workforce,” the spokesperson said. “These were hard but necessary steps to ensure Schwab remains highly competitive, with industry-leading levels of efficiency, well into the future. They are decisions that impact very talented people personally, and we take that very seriously.”

Schwab’s stock closed up 2% Friday but was down almost 32% year to date.

(Credit: Adobe Stock)

Jeff Berman

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