Schwab CEO blames the Fed’s rate cuts for layoffs
11/12/19
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from CNBC,
11/5/19:
In September, brokerage firm Charles Schwab laid off 600 of its employees, which is about 3% of its total workforce.
“When the Federal Reserve made the decision to reduce rates from a trajectory entering this year we thought rates would be going up, we just had too many people and too much expense relative to the revenue that our clients were generating,” Schwab CEO Walter Bettinger told CNBC on Tuesday.
A Schwab spokesperson blamed the “challenging economic environment” for the layoffs in the Wall Street Journal in September.
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