Charles Schwab to reduce headcount to bring down costs By Reuters

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<span>© Reuters. The company logo for Financial broker Charles Schwab is displayed at a location in the financial district in New York, U.S., March 20, 2023. REUTERS/Brendan McDermid/file photo</span><br />
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<p>(Reuters) – U.S. brokerage firm <span itemscope="" itemtype="http://schema.org/Corporation"><span itemprop="name"> Charles Schwab </span></span> (NYSE:) said on Monday it plans to reduce its operating costs primarily by lowering its headcount.</p>
<p>Several companies across corporate America, including Wall Street banks, have trimmed their workforce this year in a bid to rein in costs amid still-high inflation, rising interest rates and higher borrowing costs. </p>
<p>Charles Schwab said in a regulatory filing it was currently assessing its real estate footprint, and that it planned to close or downsize certain corporate offices.</p>
<p>The company also said it expected to realize about $500 million of incremental annual run-rate cost savings to be achieved by undertaking these actions.</p>
<p>The U.S. brokerage firm said it anticipated most costs related to layoffs would be incurred in the second half of 2023. </p>
<p>Shares of the company were up marginally in extended trading.</p>
<p>In July, Charles Schwab reported a smaller-than-expected drop in second-quarter profit, as a jump in asset management fees helped soften the hit from a decline in interest revenue.</p>
<p>(This story has been corrected to change the company descriptor to brokerage firm, from lender, in paragraph 1) </p>
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