Schwab to cut 600 jobs as lower interest rates pinch profit - WSJ

|About: The Charles Schwab Corporation (SCHW)|By:, SA News Editor

Charles Schwab (NYSE:SCHW) plans to cut ~3% of its workforce as soon as next week, part of an effort to lower expenses as falling interest rates hurt the brokerage's banking arm, WSJ reports.

CEO Walt Bettinger discussed the job cuts at a recent town hall with some employees, according to the report.

Schwab's rate-sensitive bank is a major part of its business, comprising more than half the company's overall $10.1B in revenues last year vs. about a quarter in 2009.

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