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Charles Schwab to lay off 1,000 workers following TD Ameritrade merger
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A Charles Schwab sign on an office in Lexington Mass.
Getty Images
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.”
The $26 billion merger finalized Oct. 6, creating a discount brokerage with around $6 trillion in client assets.
Schwab shares
SCHW,
are down nearly 18% year to date, compared to the S&P 500’s
SPX,
5% gain.
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