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Charles Schwab cuts 600 jobs from Fed interest rate cuts



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Belpointe Chief Strategist David Nelson of the Federal Reserve, U.S. trade tensions with China and the state of the jobs market.

Charles Schwab Corp. is laying off roughly 600 employees in a bid to lower their costs.

The job cuts amount to about three percent of the San Francisco-based firm's overall workforce and wants to hit offices nationwide ,

"Impacted positions span all staffing grades, as well as organizations and locations across the company." A Charles Schwab spokesperson said the layoffs were "well-positioned to serve clients while navigating an increasingly challenging economic environment." , While it is never easy to say goodbye to valued colleague, these actions are " spokesperson added.

The Wall Street Journal

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The Federal Reserve cut interest rates in July amid concerns about inflation, slowing economic growth and global trade disputes. More rate cuts are expected in the near future. A Charles Schwab executive told employees in the meeting that the company's internal forecasts had not planned for a cut, the journal reported, citing a source familiar with the matter.

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Charles Schwab's bank accounted for more than half of his roughly $ 1

0 billion in revenue in 2018.


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