The reductions are part of cost synergies from the acquisition of TD Ameritrade and amount to 3% of the combined companies' workforce.
(Bloomberg) -- Charles Schwab Corp. plans to cut about 1,000 jobs as a result of its acquisition of TD Ameritrade Holding Corp.The move will trim the combined workforce by about 3%, San Francisco-based Schwab said Monday in a statement. The cuts are part of an effort to reduce “overlapping or redundant roles.”The $26 billion deal, announced last November, was completed earlier this month. The combined firm will “continue to hire in strategic areas critical to our growing client base,” according to the statement, with affected employees getting early access to open positions.The acquisition gives Schwab, America’s original discount broker, even more sway over the industry it pioneered nearly a half-century ago. The combined firm has some $6 trillion in client assets across 28 million brokerage accounts.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Schwab's (SCHW) acquisition of TD Ameritrade creates a behemoth in online brokerage space. This will substantially improve the company's market share and support financials.