Charles Schwab Cuts About 2,000 Workers As Part of Plans to Remove Cost, Complexity From Operations

Charles Schwab Corp. has laid off 5% to 6% of its workforce — or about 2,000 of its employees — this week as part of a larger cost-cutting initiative to slash $500 million of expenses, including closing and reducing the size of some of its U.S. offices, meant to "remove cost and complexity" from its operations.