United Kingdom

Charles Schwab Plans Layoffs, Offices Closures

Charles Schwab plans to reduce operating expenses by slashing headcount and closing or downsizing some corporate offices, the company said Monday.

The cost-cutting moves, some of which were previously announced, come amid an eventful year for Schwab (ticker: SCHW), which has been buffeted by cash-sorting woes and dramatic swings in its stock price. Shares of Schwab were trading around $56.78, an intraday decline of about 4%, as of Tuesday afternoon. The stock is down about 32% so far this year.