Charles Schwab Layoffs Job Cut: fires 500-600 employees: Finance Trading Times

Charles Schwab Layoffs Job Cut: fires 500-600 employees

Major investment brokerage firmCharles Schwab, has decided to go for big round of Charles Schwab Lay offs or Charles Schwab Job Cuts. Unfortunately the situation is worsening further for the investment and brokerage secotr and Charles Schwab is feeling the heat. The economic crisis is hitting all sectors and financial sector being the front runner in the suffers list. Charles Schwab Layoffs

How many employees may be fired by Charles Schwab layoffs?
The news is that around 500 to 600 employees may be asked to leave their jobs at Charles Schwab.

How many employees does Charles Schwab have?
The total no. of employees is about 13,000 employees.

Which locations will be affected by the Charles Schwab Layoffs?
Fifty percent of the job-cuts or layoffs are expected to be in the Schwab's San Francisco headquarters. Schwab, which now occupies four buildings in San Francisco, will consolidate its headquarters workforce into two buildings to save more money.

Which departments will be affected by the Charles Schwab Layoffs?
No specific information is available department or business segment wise.

How much savings can be made by Charles Schwab Layoffs?
No information is there about this latest job cut saving

When will the Charles Schwab layoffs happen
No information is available about the dates of Charles Schwab layoffs.

What are the primary reasons of Charles Schwab Layoffs
The worsening global economy means that there is a decline in sales and businesses and hence loss of revenue for Charles Schwab. These layoffs are being justified as preparation for a possible decline in revenue of as much as 20 percent in 2009

Any other news about Charles Schwab?
As per SFGate,The job cuts are part of a plan Schwab announced in December to strip operating expenses by 7 to 8 percent.
Martinetto said money market fee waivers could cost Schwab as much as $200 million this year, under the company's most pessimistic scenario. Beyond that, the leading brokerage company has suffered net losses of $900 million in equity accounts and is seeing continuing declines in the market value of securities, he said. The company may take additional charges if the housing market continues to flounder, he said.
Let's hope that alternative jobs are available to the affected employees of Charles Schwab Layoffs Job Cut
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