Schwab plans at least $500M annual cost savings from headcount and real estate cuts

SCHWAB CHARLES CORP

Expects incremental annual run-rate cost savings of at least $500M through headcount, professional services, and real estate reduction.
Anticipates exit and related costs of $400M to $500M, mostly in H2 2023 for employee compensation and in 2023-2024 for real estate.
Actions are in addition to TD Ameritrade integration synergies; plans include closing or downsizing certain corporate offices.
Management cites post-integration streamlining as driver; forward-looking statements subject to risks.

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