Charles Schwab Plans Layoffs, Offices Closures

Charles Schwab plans to reduce operating expenses by slashing headcount and closing or downsizing some corporate offices, the company said Monday.

The cost-cutting moves, some of which were previously announced, come amid an eventful year for Schwab (ticker: SCHW), which has been buffeted by cash-sorting woes and dramatic swings in its stock price. Shares of Schwab were trading around $56.78, an intraday decline of about 4%, as of Tuesday afternoon. The stock is down about 32% so far this year.


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