Charles Schwab & Co., the global financial services company, announced in a federal WARN notice that it is streamlining its business operating model and real estate footprint, leading to more than 100 layoffs in Jersey City.
“In July, we shared our intent to take certain steps to remove cost and complexity from our organization,” a company spokesperson said in a statement to ROI-NJ. “These steps included streamlining our operating model and staffing reductions, largely in non-client-facing areas. We have said goodbye to approximately 5-6% of our workforce across our firm. These were hard but necessary steps to ensure Schwab remains highly competitive, with industry-leading levels of efficiency, well into the future.
“They are decisions that impact very talented people personally, and we take that very seriously. We worked diligently to ensure affected employees were treated with care and respect throughout this difficult process. We are grateful for the countless contributions these professionals made to Schwab, as well as the collaborative and client-first spirit they have shown throughout their time with us. We wish them the best in their next steps.”
The WARN notice cited 109 potential layoffs with a target date of February 2024.
WARN notices normally cover mass layoffs or facility closings as part of the Worker Adjustment and Retraining Notification Act of 1989.