Discount brokerage company, Charles Schwab Corp is cutting about 600 jobs after an internal review, Bizjournals reported the development. 

According to a media statement, the company said that they had initiated a process to review their expense base to ensure the company remains well-positioned to serve clients while navigating an increasingly challenging economic environment. 

The statement further said that these actions are a practical step to ensure that the company manages their expense growth while continuing to invest in initiatives that allow them to achieve higher scale and efficiency — like platform improvements and digital experiences.

Schwab CEO Walt Bettinger discussed the layoffs, starting as soon as next week, at a recent employee meeting, The Wall Street Journal reported Tuesday, citing an unnamed attendee. A key factor in the layoffs is the surprise drop in interest rates, according to people familiar with the matter, the media reported. 

The layoffs also fit with Schwab’s long-standing focus on controlling expenses to lower the cost of its services. Bettinger told shareholders at this year’s annual meeting in May that one of his guiding principles in running the company is that “price matters. More than ever and in our industry more than most.”

Schwab is also facing increased competition from startups such as Robinhood, which offers commission-free stock trades and charges much lower interest rates on margin loans than those offered by traditional brokers like Schwab, Fidelity and TD Ameritrade.