Schwab to move 1,400 jobs out of Frisco
The firm plans to eliminate about 30% of the positions by moving personnel to less expensive areas of the country.
Charles Schwab Corp. plans to move 1,400 jobs out of San Francisco over the next few years, according to the San Francisco Business Times.
Schwab plans to eliminate about 30% of the positions by allowing more employees to telecommute and by moving personnel to less expensive areas of the country such as Phoenix, Denver, Indianapolis and Richfield, Ohio.
The firm will also reduce staff through attrition.
The company does not anticipate layoffs in San Francisco, where it employs 4,600 people, according to the report.
The San Francisco-based brokerage also reported that the daily average trades rose in November as customers brought more assets invested more assets to the Clients’ daily average trades totaled 344,400 in November, up 36% from the year ago and up 8% from October.
New net assets brought to the firm by new and existing clients in November totaled $12.1 billion, according to a statement from Schwab.
Total client assets stood at $1.446 trillion at the end of November, up 18% from the year-ago period and down 3% from October, according to the firm.
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