Approximately 1,000 positions at Charles Schwab and TD Ameritrade are being eliminated, it was announced Monday.
The reductions account for about 3 percent of the combined workforce. The two companies recently merged.
"These reductions are part of our efforts to reduce overlapping or redundant roles across the two firms, but the combined firm will continue to hire in strategic areas critical to support our growing client base," Schwab Executive Council wrote in a statement.
According to Schwab Executive Council, no additional company-wide workforce reductions would be carried out in 2020.
"We’re committed to providing full transition support to our colleagues and to help ensure the smoothest transition possible, including reemployment assistance and severance benefits," Schwab Executive Council said in a statement. "Employees whose roles are impacted by today’s changes will have early access to all newly opened positions and be treated as internal candidates for the more than 1,000 currently open positions at Schwab through their 60-day notice period."