Less than a week after discount brokerage company Charles Schwab Corp revealed that it was closing down its Singapore office, the firm has also confirmed on Tuesday that it is cutting around 600 jobs after an internal review.
According to a report by Reuters, a company spokeswoman confirmed the job cuts in an email statement, where she wrote: “Impacted positions span all staffing grades, as well as organizations and locations across the company.”
News of the job cuts first started circulating after the Wall Street Journal reported yesterday that the brokerage was planning on removing around 3 percent of its workforce. The news outlet said that Charles Schwab’s Chief Executive Walt Bettinger discussed the job cuts at a recent town hall with some employees, citing a source at the meeting.
Charles Schwab closes down Singapore office
As Finance Magnates reported, last Thursday, Charles Schwab announced via its website that it would be closing its office in Singapore by the end of this year. At the time, the online brokerage did not clarify whether the move would lead to job cuts.
2020 Global Market Outlook: How the “Known Unknowns” Can Affect CurrenciesGo to article >>
Specifically, the company said: “Charles Schwab Singapore will cease to provide services and will close its office in Singapore. We will no longer open new accounts for prospective clients.”
“For existing Charles Schwab Singapore clients, you will receive communications from us providing more information about how this change impacts your account.”
According to a spokesperson at the company, the firm is closing down its Singapore office in order to allow it to refocus on other regions where it can most effectively serve retail investors at scale.
“As a result, going forward we will focus on growing our business in Hong Kong/China, Latin America and in the United Kingdom and Europe – utilizing our office in Hong Kong, our Latin American service center in Coral Gables, FL, and our office in London, in addition to the U.S.-based international service teams,” the spokesperson told finews.asia.