Charles Schwab to cut about 1,000 jobs

(Reuters) – Charles Schwab Corp said on Monday it is laying off about 1,000 positions in the combined workforce of Charles Schwab and TD Ameritrade to streamline and reshape their branch network.

“These reductions are part of our efforts to reduce overlapping or redundant roles across the two firms,” Charles Schwab, which completed the acquisition of TD Ameritrade earlier in October, said.

The financial services company also said it won’t be executing any additional company-wide reductions for the rest of 2020.

(Reporting by Kartik Mehindru in Bengaluru; editing by Uttaresh.V)