A Charles Schwab sign on an office in Lexington Mass.
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Just weeks after closing its acquisition of TD Ameritrade, Charles Schwab Corp. announced Monday it will lay off about 1,000 employees, or 3% of its combined workforce.
“Today, we are taking further steps to bring our companies together —streamlining our structure and reshaping our branch network,” Schwab said in a statement. “As a result, we have begun notifying individuals that their roles have been eliminated and they will be leaving the firm.”
“These reductions are part of our efforts to reduce overlapping or redundant roles across the two firms, but the combined firm will continue to hire in strategic areas critical to support our growing client base,” Schwab said.
The $26 billion merger finalized Oct. 6, creating a discount brokerage with around $6 trillion in client assets.
Schwab shares SCHW, -2.97% are down nearly 18% year to date, compared to the S&P 500’s SPX, -1.85% 5% gain.
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