Luckily, I Work Next Door

[RPM 26318]

Charles Schwab to lay off 1,000 workers following merger with TD Ameritrade

KEY POINTS

• Charles Schwab said Monday it is laying off 1,000 employees from the combined Schwab-TD Ameritrade company.
• “These reductions are part of our efforts to reduce overlapping or redundant roles across the two firms,” Schwab said in a release.
• The $26 billion Schwab-TD Ameritrade merger closed earlier this month.
• It is unclear which departments the layoffs will affect.

Charles Schwab said Monday it is laying off 1,000 employees from the combined Schwab-TD Ameritrade company.

“We have begun notifying individuals that their roles have been eliminated and they will be leaving the firm,” Schwab said in a press release. “This will result in a reduction of approximately 1,000 positions or about 3% of the combined workforce of Charles Schwab and TD Ameritrade.”

Schwab did not immediately comment on what roles will be eliminated.

Edited October 27, 2020 by RPM

[deadshank 24652]

My neighbor across the street manages a big Schwab office here in Houston. 

He's sweating bullets over this.

 

 

[UTexasFight 9431]

1 hour ago, deadshank said:

My neighbor across the street manages a big Schwab office here in Houston. 

He's sweating bullets over this.

 

 

Luckily, you live next door

[Hate 20108]

I worked for Schwab 13 years ago, so this would have hit close to home then. I do still have a lot of friends that work there so my fingers are crossed for them. I would imagine this has more to do with the buyout and redundant positions than anything. Most of my friends are in operations. I hope they are all good.

[Gil Bang 25944]

one of my co-workers has a kid at TDA.  He's already been shitcanned.

[Guest Lobo]

They still provide so much core-processing to so many Broker-Dealers.  Hope those folks make it through to the other side.  

Just anecdotally---the fucking location they opened up at 5th & Congress a couple few years ago at $55/foot.  That was already the dumbest fucking thing in asset management, which is really saying something.  Sign stupid leases, win stupid prizes.  I imagine there's dozens, if not hundreds, of shitty real estate decisions like this around the country.  Because of those, hard working people in massive exurb facilities with shitty benefits are gonna suffer because Schwab thinks they need to be on the ground floor at 5th & Congress.  Shit like this is going the way of big bank branches.  The fees we pay feed this shit and it's no longer necessary.  Face-to-face relationships are important, but not in finance and not for that kinda money.  Money launderers have gone exclusively virtual.  Pretty sure my fucking IRA rollover can sustain not being done in person.  /rant

[Errestaurants 2570]

On 10/27/2020 at 11:34 AM, RPM said:

Charles Schwab to lay off 1,000 workers following merger with TD Ameritrade

KEY POINTS

• Charles Schwab said Monday it is laying off 1,000 employees from the combined Schwab-TD Ameritrade company.
• “These reductions are part of our efforts to reduce overlapping or redundant roles across the two firms,” Schwab said in a release.
• The $26 billion Schwab-TD Ameritrade merger closed earlier this month.
• It is unclear which departments the layoffs will affect.

Charles Schwab said Monday it is laying off 1,000 employees from the combined Schwab-TD Ameritrade company.

“We have begun notifying individuals that their roles have been eliminated and they will be leaving the firm,” Schwab said in a press release. “This will result in a reduction of approximately 1,000 positions or about 3% of the combined workforce of Charles Schwab and TD Ameritrade.”

Schwab did not immediately comment on what roles will be eliminated.

Neighbors? You work in Westlake?

[RPM 26318]

4 hours ago, Errestaurants said:

You work in Westlake?

Yup.

[High Plains Drifter 11035]

 

Hmmm, my SIL works for Schwab. Her husband is in sales, which have taken a huge hit recently. If she gets laid off, they might be regretting that new, huge house out near Bee Caves.