Charles Schwab is cutting 1,000 jobs in an effort to "reduce overlapping or redundant roles" following its $22 billion acquisition of rival TD Ameritrade.
The staff reduction amounts to about 3% of the companies' combined workforce, Schwab said in a statement.
"Since the close of our acquisition, teams across our combined organization have been working hard to create the best operating model in service to our clients and each other," the statement said. "Today, we are taking further steps to bring our companies together — streamlining our structure and reshaping our branch network."
With its $22 billion deal for rival TD Ameritrade now complete, Charles Schwab said earlier this month that it expects to formally designate Westlake, Texas as the combined company's new corporate headquarters on Jan. 1. Schwab is now based in San Francisco.
Both Schwab and TD Ameritrade already have thousands of employees in new campuses in Dallas-Fort Worth. Schwab said it selected Westlake, where it now has 2,500 employees, because of its central location in the U.S. The company's network of branches and operations centers span the country.
The Westlake campus will serve as a meeting site for the company's board of directors and its leadership team, which is also geographically dispersed across the country.
Schwab didn't identify where the job cuts are occurring but did say it plans to continue hiring in some areas to support its client base.
"Employees whose roles are impacted by today's changes will have early access to all newly opened positions and be treated as internal candidates for the more than 1,000 currently open positions at Schwab through their 60-day notice period," the company said.
Schwab said it plans no further staff reductions this year, though it noted that teams from the two companies will be combining over the next 18 to 36 months.
The company accounts for $6 trillion in assets and 28 million brokerage accounts.
