Charles Schwab said Monday that it is laying off 1,000 employees just weeks after completing its acquisition of TD Ameritrade. The job cuts are part of efforts to “reduce overlapping or redundant roles” across both firms, the company said.
“We have begun notifying individuals that their roles have been eliminated and they will be leaving the firm,” the Schwab Executive Council wrote in a statement to employees. “This will result in a reduction of approximately 1,000 positions or about 3% of the combined workforce of Charles Schwab (SCHW) and TD Ameritrade.”
Schwab declined to comment on which teams and roles will be eliminated.
The job cuts will be the only company-wide reductions in 2020, and the firm said it will “continue to hire in strategic areas critical to support our growing client base.”
Employees who lost their jobs will be given early access to new and open positions within the company. They’ll also be treated as internal candidates for the roles, but only within a 60-day notice period. The Schwab Executive Council said the company has more than 1,000 positions open.
Last year, Charles Schwab agreed to buy TD Ameritrade for $26 billion. Together, the brokerage firms have roughly 28 million customer accounts with more than $6 trillion in client assets. At the time, Schwab and TD Ameritrade had combined annual revenue of about $25 billion.
Correction: A previous version of this article misstated the number of customer accounts and amount of client assets of the combined company.