Schwab to Cut Staff, Real Estate to Save $500 Million a Year (1)

Charles Schwab Corp. is planning to cut jobs and close or downsize offices to achieve at least $500 million in annual cost savings as the brokerage responds to investor pressure.

The company will close or cut down on some real estate and reduce employee headcount, Westlake, Texas-based Schwab said Monday in a regulatory filing. Schwab said it will incur costs of roughly $400 million to $500 million, “primarily related to employee compensation and benefits and facility exit costs,” as a result of the cuts.

“We have said, we intend to take a series of actions this year and into 2024 ...