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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Charles Schwab Corporation | NYSE:SCHW | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -0.39 | -0.52% | 74.17 | 3,593 | 13:54:30 |
From Apr 2023 to Apr 2024
By Denny Jacob
Charles Schwab plans to reduce its real estate footprint and headcount as it prepares for the integration of TD Ameritrade and streamlining operations post-integration.
The multinational financial institution, which offers banking, brokerage, retirement-investing and wealth-management services, said it plans to close or downsize certain corporate offices, according to a regulatory filing. It also plans to reduce its operating costs primarily through lower headcount and professional services, it disclosed.
Charles Schwab expects to realize at least $500 million of incremental annual run-rate cost savings as a result of its actions.
The Westlake, Texas-based company said it expects to incur exit and related costs between $400 million and $500 million in order to achieve its cost savings. Charles Schwab said it anticipates most costs related to eliminated positions would be incurred in the second half of 2023, while costs related to real estate would be incurred in 2023 and 2024.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
August 21, 2023 16:51 ET (20:51 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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