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.
While industry statistics pointing to a succession crisis can cause alarm, advisor-owners should be free to consider a middle path between staying solo and catching the surging wave of M&A.
New joint research by T. Rowe Price, MIT, and Stanford University finds more diverse asset allocations among older participants.
With its asset pipeline bursting past $13 billion, Farther is looking to build more momentum with three new managing directors.
A Department of Labor proposal to scrap a regulatory provision under ERISA could create uncertainty for fiduciaries, the trade association argues.
"We continue to feel confident about our ability to capture 90%," LPL CEO Rich Steinmeier told analysts during the firm's 2nd quarter earnings call.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
