Charles Schwab, the US based online stockbroker which has redundancies across the globe this year, has appointed Craig Walling as its new European chief executive in London.

The appointment follows hard on the heels of last week's news that the firm was axing 11% or its workforce, or 2,400 jobs in the US. Earlier in the year a voluntary redundancy programme led to a further 160 employees being cut from all sectors of the UK business.