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.
With over 600 clients, the $71 billion RIA acquirer's latest partner marks its second transaction in Oklahoma.
Also, wealth.com enters Commonwealth's tech stack, while Tifin@work deepens an expanded partnership.
Back office workers and support staff are particularly vulnerable when big broker-dealers lay off staff.
The fintech giant is doubling down on its strategy to reach independent advisors through a newly created leadership role.
The two firms are strengthening their presence in California with advisor teams from RBC and Silicon Valley Bank.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
From direct lending to asset-based finance to commercial real estate debt.
