Charles Schwab to cut about 1,000 jobs

In a major restructuring to streamline and reshape their branch network, Charles Schwab Corp, the American multinational financial services company, is laying off about 1,000 positions or about 3% of the combined workforce of Charles Schwab and TD Ameritrade. Employees who will be losing their jobs will be given early access to new and open positions within the company. 

Last November, Charles Schwab had agreed to buy TD Ameritrade Holding in an all-stock deal valued at $26 billion. The job cuts are part of efforts to “reduce overlapping or redundant roles” across both firms, the company said.