Charles Schwab will cut 600 positions, or 3% of its staff, as part of a general cost-cutting effort that some blame on falling interest rates.
“This spring, we initiated a process to review our expense base to ensure we remain well-positioned to serve clients while navigating an increasingly challenging economic environment,” Schwab (NYSE: SCHW) said in a statement. “Impacted positions span all staffing grades, as well as organizations and locations across the company.
