Charles Schwab lays off 2,000 staffers

On Wednesday, financial services company Charles Schwab announced its laying off approximately 2,000 employees.

The layoffs reportedly affected between 5% and 6% of the company’s staff.

Charles Schwab made the move in a purported effort to cut the company’s costs.

According to a company spokesperson, the layoffs “were hard but necessary steps to ensure Schwab remains highly competitive, with industry-leading levels of efficiency, well into the future.”