What will be the impact of the acquisition? I am assuming there will be cuts in IT, HR, Finance and Marketing – that always gets cut as there will be duplication of roles and departments. Not sure about how big will things be – I am sure both sides will be hit, I am not sure if Schwab will want to heavily hit their departments. Not sure… Please share any info you may have.
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Why are the layoff rumors so rampant at Schwab vs TD? TD is much bigger and the TD employees are paid less compared to Schwab. Do the math at least and see where the value is. Also, TD has a unique platform that draws a lot of clients over to them. It's a very successful one too. TD will operate independently for a few more years even before full integration comes in.
It seems Schwab may be looking to keep TD's platforms with no real strategy of how to proceed with their own legacy ones. But then anything can change between now and in a few years.
There will definitely be some layoffs on both sides re: back office redundancy later but I don't show as many at TD on this site. At least not as prominent as what is being discussed here at Schwab unless some clown decides to start one for TD to stir people up.
Remember, TDA is the one being acquired. Not the other way around. TDA employees will be cut first after rationalization.
Jersey City has a new building planned with reduced seating.
I worked in TDA IT dept years ago. Lot of bureaucracy and incompetent managers/team leads who did nearly nothing but kept having meaningless meetings and non sense talks. The culture was like full time employees just took advantage of company benefits and had contractors do the work and they took the credits. Some IT managers/leads from South Asian country hired their friends to build close connection network and favored their people. I am sure Charles wouldn't see much real value from these TDA staff.
Hopefully yes will be with TD AMeritrade, it is a lot of biocracy with their IT Department, unknowledge management on The Database IiT managers, no management or technical skills uncludibg and directors, and Database team employee no skills hired by managers freinds and family.
SHwab should lay off most of Tos Department on TDA , specially database manager And his freinds. Theybarecreally useless .