Charles Schwab Corp. plans to close 53 of its 339 branch offices within the next four weeks, reported Reuters on Thursday.

"We are closing branches in markets where we feel we have oversaturation, or where there is less need or demand for our services," said Schwab spokesman Glen Mathison.

The brokerage hopes to save $150 million to $200 million from the closures.
Schwab may use some of the money saved from the closures to remodel other offices or open new branches in underserved areas, Reuters reported Mathison as saying.

The branch closures will result in the loss of 186 jobs. 

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