Right now, layoffs are starting with officer level employees (VP, SVP & EVP) and working their way down to Directors and Managers as well as other employees. All locations will be impacted, but most notably SF, Denver, Phoenix, Austin and Westlake. Other smaller Schwab locations in Chicago, El Paso, Indianapolis, Orlando and Richfield will be impacted a little as well.
Right now, Schwab is facing rising labor costs due to acquisitions, market conditions and very high attrition in certain locations. Factor that along with the lower interest rate environment (now and in the future) and greater competition and Schwab is forced to reduce headcount.