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Charles Schwab plans to cut jobs and close offices to save $500 million as layoffs spread on Wall St

Discussion in 'Too Hot for Swamp Gas' started by flgator2, Aug 22, 2023.

  1. Aug 22, 2023 #1
    flgator2

    flgator2 GC Hall of Fame

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    Charles Schwab plans to cut jobs and close offices to save $500 million as layoffs spread on Wall Street (msn.com)

    Schwab's layoff plans were revealed in a regulatory filing on Monday, which also said it was currently assessing its real estate footprint, and that it planned to close or downsize certain corporate offices.

    Goldman Sachs cut some 3,400 jobs this year, its largest workforce reduction since the 2008 recession, amid a slump in M&A dealmaking.

    Morgan Stanley cut about 3,000 jobs in the first half of the year, and Bank of America said it is cutting 4,000 positions.

    Citigroup also announced 5,000 job cuts mostly impact its investment banking and trading departments.

    That's a lot jobs being lost
     
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  2. Aug 22, 2023 #2
    ncargat1

    ncargat1 GC Hall of Fame

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    It says right in bullet #2 that many of the job cuts are related to their acquisition of TD Ameritrade. They sucked out the clients and now plan to eliminate all of the good people from Ameritrade, leaving nothing but the cr@p, money making leaches that Schwab has always been.
     
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  3. Aug 22, 2023 #3
    flgator2

    flgator2 GC Hall of Fame

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    OK Einstein what about the rest of the layoffs from the other companies?
     
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  4. Aug 22, 2023 #4
    gatorchamps960608

    gatorchamps960608 GC Hall of Fame

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    Perhaps we could open up a more appropriate board for the personnel decisions of corporate America.
     
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  5. Aug 23, 2023 #5
    tilly

    tilly Superhero Mod. Fast witted. Bulletproof posts. Moderator VIP Member

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    No data, but my guess is automation has a lot to do with this stuff.

    I never enter a bank or financial institution anymore. Most folks can be their own broker and good advice is free to read all over the web.

    Much of the manpower is probably just obsolete.
     
  6. Aug 23, 2023 #6
    jhenderson251

    jhenderson251 Premium Member

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    I've seen multiple articles over the past 3-4 months comparing robo-advisor services vs. index fund performance and financial planners. And if journalists are asking the questions now, I suspect these companies have been asking these questions for a while longer, and they might already have their answers.

    The higher interest rates are probably drying up some debt-based banking operations, as demand for loans and debt issuances is most likely trending way down. That's going to include M&A, the WACC on growing via acquisition has probably doubled since 2021.
     
    Last edited: Aug 23, 2023
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