I work for TD Amertirade and I wanted to see what Schwab employees expecting to happen as the acquisition is executed. Not sure if you’ve done things like before and if there are any patterns. Any info is welcome. Thanks.
7 replies (most recent on top)
Schwab is garbage.
Used to have an account there. Management is useless. Decisions are only made for their bottom line, NEVER the clients or customers.
I have an Ameritrade account and will be leaving. You are a bunch of rookies.
I can also confirm Schwab is going the PCF direction. I hear also it from the groups I support.
I've been through a similar acquisition before and like another person mentioned, it is usually the acquired company that gets nailed to the wall unless they have superior technology and leadership. I don't have any personal experience with TD to give an opinion in that area or not.
What I am hearing between what's going on at the regulatory level and a future integration, my guess it'll be between a year to 18 months before there are massive layoffs. Once past the two year mark, hopefully things will settle down. Regardless, its going to be a hectic time at the company as systems are integrated together.
I can say that Schwab does have a very generous package for those laid off based on what we went through this past September. Hopefully we don't start seeing reductions in benefits in preparation of future layoffs.
Well having worked for both firms and having experienced another actual merger with SCHW: I can say Expect large layoffs as integration matures. They are so slow and bad at adapting new ideas, tech, keeping the right people, and in overall integrating when they gobble up companies. Also nepotism is a way of life at the company. So you may have a year or so. Maybe less time as the trajectory of the Economy in the next year will play a big role also. I guess all the above is true about all companies now a days but SCHW is like all other companies times 2 when it comes to the above. Also it is bad timing for a merger at least for the competent employees both at TD and SCHW. Good luck.
TD's IT dept will be hurt most, no doubt.
i've been through a number of these acquisitions, though not as big as TD Ameritrade. Two examples are Options Express, USAA, and the ill-fated USBank. There is just one word to describe the process of the post acqusition. Pac-Man. Gooble gooble power pellet. The acquired firm usually gets gobbled up, with its staff eliminated down a skeletal crew. What is left over, maybe we will keep around to kick around.
Good luck TD Ameritrade, but you just got gobbled.
First off, I just exercised a big load of stock options. Woo hoo. Lets say exercise at 50. I also unloaded years of ESPP. Woohoo. And sold a bunch of RSUs. Second, I would prepare for another round layoffs my friend. TD also uses PCF. Schwab uses PCF. Do you think we need that many PCF AI licenses? Can we say CloudOps elimination?
https://markets.businessinsider.com/news/stocks/charles-schwab-td-ameritrade-say-mega-deal-will-bring-synergies-2019-11-1028714911