Charles Schwab Corp. will dismiss 98 Denver-area workers May 25, a reduction of nearly 10 percent of the investment firm’s local workforce.
“We are sorry to have to let them go,” Schwab spokeswoman Sarah Bulgatz said. “What we are looking to do is reduce overall capacity and simplify operations.”
The eliminated positions supported the company’s retail brokerage operations in the area. Those “back-shop” duties will shift to operations centers in Orlando and Phoenix.
Laid-off employees who work through May 25 will receive an additional 60 days of pay and benefits, Bulgatz said. They will also receive severance packages based on years of service.
Schwab hopes about a quarter of dismissed workers will find jobs within the company’s other Denver operations, Bulgatz said.
Schwab plans to hold a job fair later this month to connect displaced workers with open positions.
Schwab has four retail brokerage centers across the metro area and a national call center on East Panorama Circle in Arapahoe County. The Denver area is the company’s third-largest employment base behind San Francisco and Phoenix.
Staff writer Aldo Svaldi can be reached at 303-820-1410 or asvaldi@denverpost.com.
