"With these cuts, Charles Schwab expects to achieve at least $500 million of incremental annual run-rate cost savings — but also incur about $400 million to $500 million from expenses like employee compensation, benefits and facility exit costs.
... "We have said, we intend to take a series of actions this year and into 2024 aimed at removing cost and complexity from the firm, including reducing our expense base and streamlining our operating model,” a Charles Schwab spokesperson said in a statement sent to The Associated Press. “This will result in eliminating some positions in the coming months, mostly in non-client facing areas.”"
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https://apnews.com/article/charles-schwab-layoffs-office-closures-96c116d86e04d9b3524dceb47f1ed2a9