Charles Schwab : Company Statement on Integration-Related Job Actions

Today, the Executive Council of The Charles Schwab Corporation shared the following communication with employees of Schwab and TD Ameritrade.

Dear Colleagues,

Since the close of our acquisition, teams across our combined organization have been working hard to create the best operating model in service to our clients and each other. Today, we are taking further steps to bring our companies together-streamlining our structure and reshaping our branch network. As a result, we have begun notifying individuals that their roles have been eliminated and they will be leaving the firm. This will result in a reduction of approximately 1,000 positions or about 3% of the combined workforce of Charles Schwab and TD Ameritrade.

We owe this group a great deal of thanks and ask you to join us in honoring their many important contributions to the success of Schwab and TD Ameritrade. We're committed to providing full transition support to our colleagues and to help ensure the smoothest transition possible, including reemployment assistance and severance benefits.

These reductions are part of our efforts to reduce overlapping or redundant roles across the two firms, but the combined firm will continue to hire in strategic areas critical to support our growing client base. Employees whose roles are impacted by today's changes will have early access to all newly opened positions and be treated as internal candidates for the more than 1,000 currently open positions at Schwab through their 60-day notice period.

We understand that each of you likely has questions and wants some level of certainty about your future role. While we don't have all of the answers right now, we can share that after this week, no additional company-wide reductions will be executed in 2020. Teams will be combining over time, and each enterprise will proceed at a different pace over the next 18 to 36 months. Leaders will share more context specific to your enterprise as soon as they can.

Thank you for your enduring focus on delivering great client experiences at this time, and for showing your appreciation and compassion to our colleagues.

Schwab Executive Council