In the US, Schwab Orders Unpaid Days Off

Charles Schwab has confirmed that the company will ask some employees to take days off on February 2, February 16 and March 2, in a move that could affect 30 50 per cent of its 26,000 employees.

Schwab's measures come in the wake of a December announcement that both high-ranking and junior executives will take pay cuts in the first quarter. At the time, the company also warned of the coming move to make employees take unpaid leave.

The move comes after downsizing across the board in the brokerage industry. Disappointing quarters, largely due to lower trading volumes have produced employee cutbacks at numerous online and offline brokerage houses. Schwab’s move could be seen as the last move before having to make layoffs.