Charles Schwab Corp. has stated that it plans to downsize and close offices as of October 1st. The offices being closed include locations in Atlanta, San Diego, St. Louis, Tampa, and San Antonio, Texas and the offices are being downsized in Boston, Chicago, Henderson, Nevada., Jersey City,  and San Francisco. 

An email sent to Schwab employees states all staffers in the affected offices would retain their full-time jobs whether their location is closed or downsized. "We have evaluated our real estate footprint," the email states. "Decisions were generally made based on a combination of real state cost relative to estimated future-in-office attendance by employees." 

Schwab stated about 5% of Schwab's staff are "assigned to locations that are closing and on a busy day less than 50% may physically be in one of these offices." Further, "We will close some of our smaller locations with modest levels of in-office attendance or reduce or move our footprint in others." 

The company estimated it was saddled with $13 billion in unrealized paper losses, driving its stock price lower. But CEO Walt Bettinger assured Wall Street Schwab had enough cash on hand to weather the squeeze. 

Starting October 1st, the official Schwab attendance policy will require a minimum of three days a week in the office for all employees, five days for top executives, and four days for managing directors and new hires. 

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