Charles Schwab will cut 600 positions, or 3 percent of its staff, as part of a general cost-cutting effort that some blame on falling interest rates. “This spring, we initiated a process to review our expense base to ensure we remain well-positioned to serve clients while navigating an increasingly challenging economic environment,” Schwab (NYSE: SCHW) said in a statement. “These actions are a prudent step to ensure we manage our expense growth while continuing to invest in initiatives that allow us to achieve greater scale and efficiency — like platform improvements and digital experiences.” Schwab CEO Walt Bettinger discussed the layoffs, starting as soon as next week, at a recent employee meeting, The Wall Street Journal reported Tuesday, citing an unnamed attendee.
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