(Bloomberg) -- Charles Schwab Corp. has dismissed 200 employees after acquiring rival brokerage TD Ameritrade last year.
The cuts are part of Schwab’s “continuing efforts to reduce overlapping or redundant roles across the two firms,” spokeswoman Mayura Hooper said Tuesday in an emailed statement. The affected employees will have early access to new positions and be treated as internal candidates for about 1,400 job openings, she said.
Schwab, which purchased TD Ameritrade in October, had about 32,000 employees and roughly $6.7 trillion in total client assets at year-end, filings show.
The job cuts, which occurred Monday, were reported earlier by the San Francisco Business Times.
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