Finance

Schwab CEO blames the Fed’s rate cuts for layoffs

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Charles Schwab CEO Walter Bettinger held the Federal Reserve responsible for the company’s most recent layoffs.

“When the Federal Reserve made the decision to reduce rates from a trajectory entering this year we thought rates would be going up, we just had too many people and too much expense relative to the revenue that our clients were generating,” Bettinger told CNBC’s Sharon Epperson on Tuesday.

In September, Schwab laid off 600 of its employees in San Francisco, which is about 3% of its total workforce. A Schwab spokesperson told the Wall Street Journal the layoffs were to ensure Schwab remains “well-positioned to serve clients while navigating an increasingly challenging economic…



Source cnbc.com

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