https://www.sfgate.com/bayarea/article/charles-schwab-layoffs-office-space-sf-18472422.php Charles Schwab laying off up to 2,000 workers, reducing SF office space The company eliminated about 5% to 6% of its workforce, a company spokesperson confirmed to SFGATE, in an ongoing effort to reduce costs. The company expects to incur $400 million to $500 million in costs related to reducing staff, it said in a filing with the U.S. Securities and Exchange Commission in August 2023. The layoffs, combined with reducing its real estate footprint across the country, are expected to save the company at least $500 million annually.
Last sentence is interesting. Been saying for a while big players are unloading all their RE exposure before they let it come crashing down
Old news
They will hire in India now. Happens like a clockwork. With the IRA Americans are better off getting manufacturing jobs they are being on shored from China. The knowledge jobs will continue to be offshored to India.
India, China, and now even Latin America. Hell even Canada
So companies are closing up show in US and opening them in India?