By Colin Kellaher

Charles Schwab Corp. (SCHW) on Monday said it plans to cut about 600 jobs, or 3% of its current workforce, citing a more challenging operating environment.

The San Francisco financial-services company said the cuts span all staffing grades and affect all organizations and locations across the firm.

Charles Schwab said it expects to post pretax charges of about $60 million in the third quarter related to the job cuts, which is said to stem from a review of its cost base.

"We view this as a prudent step in managing expenses while continuing to invest in important initiatives to enhance growth, drive greater efficiency, and improve the client experience," the company said.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

September 16, 2019 09:13 ET (13:13 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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