Schwab cuts 200 more jobs amid TD Ameritrade acquisition
It's the second round of announced layoffs after last year's mega merger. In October, Schwab said it was laying off 1,000 employees, or about 3% of the combined workforce.
The Charles Schwab Corp. confirmed on Tuesday morning a second round of layoffs connected to its purchase last year of TD Ameritrade, this time cutting close to 200 jobs.
In October, Schwab said it was laying off 1,000 employees, or about 3% of the combined workforces of Schwab and TD. It was not clear what jobs and roles are affected.
“These job reductions are part of our continuing efforts to reduce overlapping or redundant roles across the two firms,” a spokesperson wrote in an email. “Employees whose roles are eliminated as part of the integration have early access to all newly opened positions and are treated as internal candidates for the more than 1,400 currently open positions at Schwab.”
Like its competitors, Schwab’s trading platform last month suffered outages under the surge of speculators trading in high-risk stocks like GameStop Corp. and AMC Entertainment Holdings Inc., which saw the value of their shares surge and fall in the frenzy.
Schwab completed its acquisition of TD Ameritrade in October.
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, left before the merger’s close.
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