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The head of Schwab's Client Service & Support team, Rahul Magan, told employees in a memo reviewed by Business Insider that its organizational structure would not change for now. Schwab executives have said the deal would lead to branch closures and layoffs, but it was difficult to pinpoint which teams and how many employees would be impacted. A memo circulated Monday on one primary team at Charles Schwab illuminates how at least one leader messaged the first instance of layoffs after the firm's $26 billion TD Ameritrade deal officially closed.
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