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Charles Schwab cuts 600 jobs

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Charles Schwab Corp. is laying off some 600 employees as Federal Reserve interest rate cuts harm its banking arm.

The nationwide cuts affect roughly 3% of Charles Schwab's workforce.

“Impacted positions span all staffing grades, as well as organizations and locations across the company. While it is never easy to say goodbye to valued colleagues, these actions are a prudent step to ensure we manage our expense growth while continuing to invest in initiatives that allow us to achieve greater scale and efficiency – like platform improvements and digital experiences,” a spokesperson for the company said.

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