Charles Schwab has laid off 5% to 6% of its total headcount in a bid to cut rising costs, a company spokesperson said Wednesday.

The reduction amounts to between 1,795 and 2,154 people out of its 35,900-strong workforce.

“These were hard but necessary steps to ensure Schwab remains highly competitive,” the spokesperson said in an emailed statement.

Banking heavyweights including Goldman Sachs and Morgan Stanley have joined the rest of Corporate America in cutting jobs and costs to better position themselves for a murky economic climate.

In August, Charles Schwab disclosed plans to save $500 million by cost-saving measures and said at the time it would cut jobs, without disclosing the number of employees it was going to lay off.