On October 26, Charles Schwab (SCHW) finalized a $26 billion merger with TD Ameritrade announced a year ago and said they would cut about 1,000 jobs within the next 60 days, about 3% of the combined workforce. "These reductions are part of our efforts to reduce overlapping or redundant roles across two firms," Schwab said in the release. It is unclear which departments the layoffs will affect, but these cuts were probably expected by the market. It will have 24 million customer accounts with more than $5 trillion in client assets. Schwab and TD Ameritrade have a combined annual revenue of about $25 billion. Schwab said it doesn't expect any further layoffs in 2020, but nearly 40% of low-income workers lost their jobs in March, according to the Federal Reserve, so many expect the white-collar jobs to be slower to respond to the economic jolt from coronavirus. We may know a lot more after Tuesday's election.