Brokerage Charles Schwab says to cut about 600 jobs

Asia Business World

SAN FRANCISCO: Discount brokerage company Charles Schwab is cutting about 600 jobs after an internal review, a company spokeswoman confirmed on Tuesday (Sep 11).

“Impacted positions span all staffing grades, as well as organizations and locations across the company,” the spokeswoman said in an emailed statement.

The Wall Street Journal reported on Tuesday that the company planned to eliminate nearly 3 per cent of its workforce.

Chief Executive Walt Bettinger discussed the job cuts at a recent town hall with some employees, the Journal reported, citing an attendee.

Charles Schwab said last week it will close its Singapore office by the end of 2019.

It will focus on growing its business in Hong Kong, China, Latin America and Europe, including the United Kingdom, in addition to the US-based international service teams.

The company, which provides brokerage and financial advisory services, reported an 8 per cent year-on-year jump in second-quarter net income at US$937 million. As of July, it had total client assets of US$3.75 trillion.

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