Charles Schwab cuts more jobs as it integrates TD Ameritrade:
https://www.bizjournals.com/sanfrancisco/news/2021/07/29/charles-schwab-cuts-more-jobs-as-it-integrates.html
IN THIS ARTICLE
Technology
Industry By Mark Calvey
Senior Reporter, San Francisco Business Times
Charles Schwab Corp.
Company
Jul 29, 2021, 5:30pm EDT
Charles Schwab Corp. is cutting more staff as it continues to digest its TD Ameritrade acquisition.
The brokerage (NYSE: SCHW) declined to say how many jobs were cut in the latest round of layo ffs this week or provide details on what roles and geographies are being affected. But reports are surfacing that shed light on the job losses.
The cuts included George Tamer, managing director of TD Ameritrade Institutional sales and Matt Judge, director of RIA Strategic Relationship Management at TD Ameritrade Institutional, according to ThinkAdvisor, citing a source who requested anonymity. The newsletter also said that nearly every remaining human resources associate at TD Ameritrade and its retail business have also lost their jobs.
“We have not disclosed numbers and we don’t comment on employees,” Schwab spokesperson Mayura Hooper told ThinkAdvisor this week. Hooper was much more talkative with me last February when she said Schwab had cut about 200 employees as it integrates TD Ameritrade, which was based in Omaha, Nebraska before joining forces with Schwab. In October 2019, the company said it had cut about 1,000 jobs following the close of the TD Ameritrade deal.
This week’s Schwab layoffs provided plenty of fodder for the comments section at TheLayoff .com, where remarks can be posted anonymously.
On Thursday, no WARN notices detailing job cuts at Charles Schwab could be found in California, Nebraska or Texas.
Schwab, which moved its headquarters from San Francisco to the Dallas-Fort Worth community of Westlake earlier this year, had a total workforce of 32,500 at the end of June.
In response to my inquiry on layoff s this week, Schwab briefly discussed the reasons for the job cuts.
“Achieving our goals for the integration of Schwab and TD Ameritrade requires difficult but necessary organizational changes designed to create the strongest firm possible for our clients,” the company said. "Our actions primarily address overlapping and duplicative roles and have little to no impact on client servicing roles."
“We are taking these actions in the context of a rapid expansion of our workforce and record levels of hiring to support areas of growth in our combined company,” Schwab said.
The company’s hiring focuses heavily on service and technology roles across its employment centers, including San Francisco, Dallas-Fort Worth, Austin, Phoenix, Denver and St. Louis.