Charles Schwab to cut 1,000 jobs in post-merger shuffle

Oct. 27 (UPI) -- Charles Schwab says it will cut about 1,000 jobs in an organization shuffle stemming from its merger with TD Ameritrade.

The $26 billion deal, announced a year ago, merged the United States' two largest publicly-traded brokerage firms. At the time, both served 24 million client accounts and $5 trillion in assets.

Charles Schwab said the forthcoming layoffs will represent 3% of its workforce.

"We owe this group a great deal of thanks and ask you to join us in honoring their many important contributions to the success of Schwab and TD Ameritrade," the company said in a statement Monday.

"We're committed to providing full transition support to our colleagues and to help ensure the smoothest transition possible, including reemployment assistance and severance benefits."

Charles Schwab said the cuts will address "overlapping or redundant roles" that were created by the merger.

"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."

The company said workers will be notified this week of the layoffs.