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.
InvestmentNews reported in 2017 that the IRS was scrutinizing the tax shelter land deals, called syndication conservation easements.
Advisors gain a second workflow for 401(k) guidance as the fintech expands beyond bulk rebalancing, backed by new policy research on advice access.
New data shows most people do not have enough saved to cover costs and are not fully utilizing their accounts.
Firms announce new recruits this week, with teams overseeing hundreds of millions in client assets switching affiliations.
It’s the 12th deal for Stratos since SEI's investment and follows 11 acquisitions worth $4.8B in 2025.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
