Schwab to lay off 1,000 employees after TD acquisition

The announcement follows recent executive and senior-level departures, including former TD Ameritrade president Tom Nally

The Charles Schwab Corp. said on Monday it was eliminating about 3% of the combined workforces of the Schwab and TD Ameritrade businesses, which accounts for about 1,000 employees, the company said in a statement.

“These reductions are part of our efforts to reduce overlapping or redundant roles across the two firms, but the combined firm will continue to hire in strategic areas critical to support our growing client base,” according to the company, which added that the laid-off employees could apply for newly available jobs at the company.

Schwab completed its acquisition of TD Ameritrade on Oct. 6.

The combined firm will oversee about $6 trillion in assets managed by registered investment advisers who used either Schwab or TD Ameritrade Institutional as a custodian.

Senior executives, including TD Ameritrade Institutional president Tom Nally, have left the new enterprise in recent weeks.

Several other high-level departures include institutional product specialist Dani Fava, who now works for Envestnet; Skip Schweiss, formerly the president of TD Ameritrade Trust Cos., who is on deck to become the next president of the Financial Planning Association; and former longtime spokesperson Joseph Giannone, who is joining Dow Jones.