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Rating:Latest Cuts at Schwab Affect its Asset Management Arm Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, February 04, 2009

Latest Cuts at Schwab Affect its Asset Management Arm

Reported by Armie Margaret Lee

Schwab is eliminating 500 to 600 jobs this quarter, and the cuts include employees in its investment management unit, company spokeswoman Lindsay Tiles confirmed to The MFWire.

"The job eliminations are companywide," Tiles said in an e-mail. She added that Schwab is not releasing specifics about the cuts, such as how many employees are affected in each division.

This quarter's layoffs come on the heels of a reduction of 100 jobs -- mostly at the officer level -- at the San Francisco- headquartered company in December (see The MFWire, 12/15/08).

Word of the new round of cuts surfaced last week. In a conference call with analysts, CEO Walt Bettinger said the company is constantly balancing the workforce with the needs of the business and its clients, adding in some areas and making reductions in others.

Schwab has cut jobs in each of the last eight quarters. 

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