Charles Schwab to Reduce Real-Estate Footprint, Headcount
21 Agosto 2023 - 6:06PM
Dow Jones News
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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