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Charles Schwab begins layoffs, San Diego branches affected

charles schwab layoffs san diego
Posted at 8:56 PM, Oct 31, 2023
and last updated 2023-11-01 15:07:44-04

SAN DIEGO, Calif. (KGTV) — Charles Schwab has announced layoffs affecting employees nationwide, including some branches here in San Diego.

"A lot of good people were let go yesterday,” said Neil Wolstenholme, a compliance analyst who has more than 20 years of experience.

Wolstenholme says he got the call on Monday that he was among those losing a job.

“I think solely it’s a cost cutting measure… Unfortunately — we are beholden to shareholders and producing a profit,” he said.

Wolstenholme worked for TD Ameritrade before the company was acquired by Charles Schwab, based out of their Sorrento Valley headquarters.

He says employees working there were recently told that they could work from home.

“Unfortunately I think the writing was on the wall to some extent as to what would happen next,” he said.

Wolstenholme says in addition to recent growing pains the company experienced after the TD Ameritrade acquisition, there are several variables affecting the industry overall.

“Rising interest rates as well as automation and zero cost trading… If you go on any platform now, you can make a trade and not pay a dime. And that really sinks into our profits,” he said.

A representative for Charles Schwab shared the following statement with ABC 10News on Tuesday:

"In July, we shared our intent to take certain steps to remove cost and complexity from our organization. These steps include some changes to our real estate footprint, streamlining our operating model, and staffing reductions, largely in non-client-facing areas. We are now in the process of sharing organizational changes with employees. While these steps are necessary to ensure Schwab remains a highly competitive and efficient company well into the future, they nonetheless impact people personally. This is a difficult day for our firm, and our priority is ensuring that all employees are treated with care and the utmost respect. Out of respect for our employees and the ongoing notification process, we will refrain from making further comments."

While disappointed by the decision, Wolstenholme says he’s hopeful for the next chapter.

“At this point I’m open to a lot of different things and how I can best utilize my skills or talents to help people," he said.