Charles Schwab plans job cuts and office downsizing amid efforts to reduce costs

Charles Schwab plans to cut jobs and close or downsize some corporate offices (AP Photo/Paul Sakuma, File)

Charles Schwab plans to cut jobs and close or downsize some corporate offices as part of company efforts to reduce operating costs, the financial services firm said in a regulatory filing.

With these cuts, Charles Schwab expects to achieve at least 500 million US dollars (£392 million) of incremental annual run-rate cost savings – but also incur about 400 million dollars (£314 million) to 500 million dollars from expenses like employee compensation, benefits and facility exit costs.