Charles Schwab Corp. said it plans to cut 500 to 600 jobs this quarter in its effort to contain costs.
Walter Bettinger, the San Francisco brokerage company's chief executive officer, said in a press release last week that it will "with almost certainly" announce more staff reductions after the first quarter. It has cut staff the last eight quarters, he said.
The company said it expects $100 million in charges "spread across a couple of quarters" as a result of the cuts and other measures, which could reduce expenses overall by as much as 8% this year.
Schwab cut 100 jobs in December.