In an effort to cut costs, Charles Schwab has laid off about 5% to 6% of its workers, or about 2,000 people.

According to a Schwab spokesperson, these steps were necessary to ensure Schwab remains highly competitive and efficient for years to come.

Schwab’s headcount was 35,900 at the end of September 30, according to a corporate fact sheet. The company only disclosed a percentage of how many employees were laid off and did not provide a precise number.

“These are decisions that affect people personally, and we take them very seriously,” said a spokesperson. “Throughout this difficult time, we worked diligently to ensure that affected employees were treated with care and respect.”

In response to investor pressure, the brokerage announced in the summer that it would cut $500 million in costs.

The company will evaluate its real estate footprint, streamline its operating model, and reduce staffing, primarily in non-client-facing areas, a Schwab spokesperson said.

Schwab, like other banks, experienced turbulence this year when investors scrutinized its bottom line following Silicon Valley Bank’s collapse.

Early afternoon trading on Schwab shares was up 1%, but the stock is down 35% for the year.