Someone questioned how laying off 600 will save the company money.... MDs and TDs typically make average $200K base, not including bonus at least 15%. Factoring in a mix of Senior Managers, Senior Staff and other grades, this estimates out at 600 X $200K = $120M a year. Nothing to sneeze at.
While all of this is true, Schwab is losing some of its best people with these layoffs. There might be some financial gain in it for the company, but the loss of knowledge and experience will be felt significantly, I believe. Short-term, this saves money. Long-term, this will cost much more than the company saved.