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Schwab Reveals Plans for Layoffs, Office Closures

Charles Schwab has disclosed that it is preparing to lay off an unspecified number of workers while downsizing or fully closing offices. So reports the Associated Press.

charles schwabThe company said in a regulatory filing that it expects these moves will save at least $500 million while costing about $400 million to $500 million in employee compensation, benefits and facility exit costs.

Schwab recently announced $1.3 billion in second-quarter profits, down from $1.8 billion a year earlier.

Read the full article from Associated Press.

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