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Charles Schwab Corp. is laying off about 600 employees in an effort to cut costs, with the Federal Reserve's recent interest rate cuts weighing heavily on its banking sector.
The job cuts represent approximately 3% of the San Francisco-based company's total workforce and will impact offices nationwide. A spokesman for Charles Schwab said the redundancies were aimed at ensuring that the company remains "well positioned to serve customers while navigating in an increasingly difficult economic environment."
"Impacted positions cover all categories of staff, as well as organizations and business sites. While it's never easy to say good-bye to valuable colleagues, these steps are a prudent step to manage the growth of our spending while continuing to invest in initiatives that allow us to achieve more. large scale and greater efficiency, such as platform improvements and digital experiences. spokesperson added.
The Wall Street Journal was the first to report job cuts.
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The Federal Reserve cut interest rates in July due to concerns about inflation, slowing economic growth and global trade disputes. Other rate cuts are expected in the near future. A Charles Schwab executive told employees at the meeting that the company's internal forecast did not include rate cuts, the paper quoted a source close to the case as saying.
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Charles Schwab's bank accounted for more than half of its revenue by about $ 10 billion in 2018.
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