Schwab declined to comment on which teams and roles will be eliminated.
The job cuts will be the only company-wide reductions in 2020, and the firm said it will “continue to hire in strategic areas critical to support our growing client base.”
Employees who lost their jobs will be given early access to new and open positions within the company. They’ll also be treated as internal candidates for the roles, but only within a 60-day notice period. The Schwab Executive Council said the company has more than 1,000 positions open.