Charles Schwab & Co. announced last week that it is closing its call center in Austin, Texas and laying off the approximately 300 employees in Austin and 75 more from its four other call centers in Denver, Indianapolis, Orlando, Fla., and Phoenix.

Schwab has already eliminated 7,200 employees, or about 27% of its workforce, since the beginning of 2001. Like those layoffs, this round is strictly a cost-cutting measure due to difficult market conditions, according to the firm.

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