Charles Schwab has announced plans to reduce its workforce, streamline services, and consolidate office locations, aiming to decrease annual operating expenses by approximately $500 million. Schwab disclosed the cost-cutting measures in a regulatory filing on Monday. 

These actions mark the concluding phase of its integration process following the acquisition of TD Ameritrade for $22 billion. According to ThinkAdvisor, the integration will conclude during Labor Day weekend, specifically between September 2nd and 5th.

Schwab anticipates incurring exit and associated expenses, primarily tied to employee compensation and benefits and facility exit costs, totaling around $400 million to $500 million, as clarified in the 8-K filing. In July, Schwab officially announced plans to close offices in five U.S. cities and downsize its presence in six metropolitan areas. The offices slated for closure on October 1st include those in Atlanta, San Antonio, San Diego, St. Louis, and Tampa. 

Furthermore, the company has informed its employees that office spaces will be reduced at individual locations in Boston, Henderson (Nevada), Jersey City (New Jersey), San Francisco, and two locations in Chicago. Some smaller offices will continue operating in their current locations or be relocated nearby.

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