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Investing.com -- Charles Schwab Corp (NYSE:SCHW) said it plans to close or downsize certain corporate offices as it streamlines its operations after the integration of TD Ameritrade.
In a regulatory filing on Monday, the brokerage said it is currently assessing its real estate holdings. It also said it plans to reduce operating costs "primarily through lower headcount and professional services."
It said it expects to realize at least $500 million of incremental annual cost savings by taking these steps.
"In order to achieve these cost savings, the company expects to incur exit and related costs, primarily related to employee compensation and benefits and facility exit costs, of approximately $400 to $500 million," Schwab said in the filing. "The company anticipates most costs related to position eliminations will be incurred in the second half of 2023, and costs related to real estate will be incurred in 2023 and 2024."
Shares of Schwab rose 0.2% in after-hours trading. They are down more than 28% so far this year.
