Charles Schwab says it is preparing to reduce both its headcount and real estate footprint in a series of cost-cutting measures aimed at streamlining operations.

The San Francisco-based brokerage giant reported in a Securities and Exchange Commission filing that the moves were "directly related to the integration of TD Ameritrade," which Schwab acquired in 2020.

Charles Schwab logo in financial district in New York

Charles Schwab logo displayed at a location in the financial district in New York, Mar. 20, 2023. The company announced in an SEC filing Monday it plans to slash jobs and its real estate footprint as part of a plan to streamline operations. (Reuters/Brendan McDermid / Reuters Photos)

Schwab said the company is looking to close or downsize some of its corporate offices, and "plans to reduce its operating costs primarily through lower headcount and professional services." 

In response to FOX Business's request for comment, the company said in a statement, "We have said, we intend to take a series of actions this year and into 2024 aimed at removing cost and complexity from the firm, including reducing our expense base and streamlining our operating model."

TD Ameritrade logo on office window

TD Ameritrade logo seen in San Francisco. Charles Schwab acquired the discount brokerage in 2020 for $26 billion. (Alex Tai/SOPA Images/LightRocket via Getty Images / Getty Images)

Schwab did not say how many jobs might be impacted by the move, but added, "This will result in eliminating some positions in the coming months, mostly in non-client facing areas.  We don’t yet have specifics to offer on how many positions will be eliminated."

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Charles Schwab Corp.

According to the filing, the company expects to save at least $500 million a year through these cuts but expects to pay as much as that in employee compensation benefits and facility exit costs when they occur.

The layoffs will likely happen before the end of the year, the filing said, while the real estate exit costs will likely carry into 2024.

According to a recent survey conducted by, it was found that 36% of hiring managers admit to lying to job candidates in some capacity. Out of this group, 75% admitted to lying during interviews, 52% lied in job descriptions, and 24% lied in the offer letter. However, it is important to note that only 24% of those who lied claimed to do so most of the time, while 25% stated that they don't lie frequently.

Stacie Haller, the chief career advisor at, expressed concern about this trend, stating that lying to candidates undermines an organization's integrity and is detrimental to its success. Haller emphasized that candidates make decisions based on the information they receive, and deceit ultimately leads to negative outcomes for both the company and the candidate. Rather, honesty not only upholds an organization's reputation but also plays a crucial role in fostering success for both the company and the individuals it aims to attract.

The survey also identified the specific areas where hiring managers tend to lie. Among those who admitted to lying, 40% did so about the role's responsibilities, 39% about growth opportunities at the company, and 38% about career development opportunities. Other areas where lies were prevalent included company culture, benefits, and the company's commitment to social issues.

Interestingly, the survey revealed that among the hiring managers who admitted to lying, a significant majority (92%) claimed that they have had candidates accept a job offer despite being lied to. Additionally, 55% stated that they have experienced employees resigning after discovering they were deceived during the hiring process.

The survey conducted by involved 1,060 hiring managers and took place on August 2nd.