Charles Schwab Corp. disclosed this week in an SEC filing that the company is planning to further downsize its office footprint as part of an ongoing cost-cutting campaign, which includes layoffs.
Charles Schwab said in the filing that it is aiming to realize $500M in "incremental annual run-rate costs savings" as a result of the reductions, with costs associated with the cuts representing a one-time expense of $400M to $500M.
The company said it expects most of the costs related to staffing cuts, including severance, to be incurred this year, while the costs due to the downsizing of its real estate footprint will be incurred this year and in 2024.
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