Brokerage firm Charles Schwab is axing hundreds of jobs at its STech technology division under its cost cutting programme, according to a report by CBS MarketWatch.
The job cuts are part of previously announced plans to reduce annual expenses by $175 million to $225 million at the San Francisco-based firm.
Schwab has already cut 250 jobs. In July, it announced it would slash 400 to 600 more before the year ends. The tech cuts are the first pink slips from that programme.
Schwab, which sacked its chief executive David Pottruck in July and replaced him with company chairman and founder Charles Schwab, has been losing out to online trading firms Ameritrade and E-Trade as well as full-service brokers such as Merrill Lynch.