Thread regarding LPL Financial Holdings Inc. layoffs

December 4th Layoffs

What departments got hit? How many people were let go approximately?

Any idea of what will be happening to Service once the RMD season is over and more people get cross trained? Can the company afford to cut any more service staff?

Also, does anyone have word about RTO increasing to 2 or 3 days a week in the 2nd half of 2025?

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| 2413 views | | 15 replies (last 15 days ago)
Post ID: @OP+1vQooPtE

15 replies (most recent on top)

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Post ID: @81f+1vQooPtE

I've read a few comments here stating an email went out to employees following the layoff and included a list of those laid off? Is that correct? And to say it was performance/skill related when those laid off were told by both manager & HR rep that it was not at all related to performance is ridiculous. I was laid off, never once discussed poor performance with my manager, was at least in my mind working as hard as I could to be promoted, never once told that my performance was an issue, & even earned a graduate degree while employed at LPL which they provided tuition assistance for clearly showing effort to improve & perform.

I assumed i was let go due to being previously told by my prior manager that I was at the of my pay grade, although all they needed to do was promote me to Sr which i kept trying to get guidance on from my manager for the last year or so, and I wouldn't be in that boat. Figured they looked for who they could cut and keep cheaper folks doing same role.

If it truly was performance related, then please show me my performance record!!!

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Post ID: @5db+1vQooPtE

Here is an anecdotal observation from my point of view. Take it for what it's worth. It does not surprise me that HR/Management's reasoning for the mass layoff was that "your position was eliminated." For employees who have some longevity, the strategy for using this explanation was clear because this population group did NOT have a Performance Improvement Plan (PIP) created. Secondarily, a PIP would allow you due process. Did any of that happen? I think not.

Next, there is an apparent lack of transparency in the rating system "managers " used to rate their employees. A company having so many "bad performers" who did not know they were not meeting expectations speaks volumes about the caliber of management. There also exists a second level of ratings for each employee where your manager rates your potential for future growth. In either case, such plans call for developing talent, but many managers lack the skills or aptitude for growing talent. Moreover, a manager's key responsibility is communicating performance expectations. This is why pre-established one-on-one meetings are expected. The goal of the meeting is to keep employees on track. I take from your comments that many of you never had one, or the manager never shared how you were performing. I would even say many of you were told you are doing a "great job." Isn't it ironic you were expected to know you were not meeting expectations?

After reading your comments, I realized many of you were blindsided by this final action just before the holidays and near the end of the fourth quarter. Let's be honest here. The "real" reason was budgetary. Your performance was never in question. Management repeatedly has shown poor fiscal responsibility concerning their budgets and overspends year after year. Ironically, those "high-performing" managers with "superior skills" did not exit the company.

Happy Holidays to those managers; your gift is to look yourself in the mirror every day in the coming year, knowing you let your people down. You wear the badge of shame for all to see.

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Post ID: @gzvx+1vQooPtE

I’m still here at LPL and the word management put out is that the layoffs were not performance based. They gave some vague excuse about being over budget. I find it hard to imagine that they were unaware of expenses when they were demanding everyone to come to Ft Mill for weeks on end to prepare for Prudential. Additionally, the layoffs seem a bit too convenient for my liking. Many of us worked 12-14 hour days 6-7 days a week for 3 months straight. Then, supposedly by mere coincidence, when we get the bulk of the work done the layoffs begin. As for those of us still working here, it’s gotten worse. Nonstop production incidents, incessant finger pointing and unrealistic demands from upper management. Considering that we have a new CEO and several new high level executives, it’s no wonder everyone is running around with inferiority induced territorial pissings.

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Post ID: @8tyz+1vQooPtE

The CMO is only employed to reduce the marketing department to joke level while claiming in her post-layoff email to the department the focus is now shifting to outsourcing marketing activity. With the minuscule budget allocated to marketing (flat the past ten years and underfunded even then), agencies will su-k that right up in a quarter. Now figure in the incompetence of her SVPsā€¦get the popcorn ready.

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Post ID: @7qsw+1vQooPtE

All departments appear to have been impacted. The message from the Chief Marketing Officer said Marketing reduced a greater percentage of staff than other departments. Two days later, Marketing announced a new hire who has a similar skill set to other laid off staff or people in other departments. Maybe (?) some staff had performance issues, but they weren’t obvious to coworkers. Many were over delivering for big deliverables in November and December.

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Post ID: @3xwt+1vQooPtE

The people laid off in my area were all the lowest performers; and had targets on their backs. But the entire thing is so poorly executed. Folks who dedicated nights and weekends, often away from families and homes for weeks - gone. Made this industry changing solution - thanks but there is the door.

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Post ID: @2rdj+1vQooPtE

I was one of the ones affected.i just read the comment about performance and skillset email being sent after we were let go.wtf,I had a SVP tell me it was not performance based,merely that my role was being eliminated.God,what a bunch of crock.

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Post ID: @2zlu+1vQooPtE

LPL is the most unethical company I have ever heard of. It had the employees served for more than 7-10years and after doing the layoffs, it sends emails to the company employees about the terminated list and the reason provided is the performance and the skill set. It is so unprofessional to send the list in first place and in the second place you say your employee is not qualified after 10years of service? I was shocked when I heard this.

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Post ID: @2pbp+1vQooPtE

Admin Solutions was affected, in spite of all the new Prudential advisors onboarded recently.

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Post ID: @1xjg+1vQooPtE

Numerous people at the AVP through SVP level were let go across Technology.

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Post ID: @pvh+1vQooPtE

I worked in Technology for more than 5 years and was part of this wave. Managment was not isolated. I know of at least an AVP and VP who were also released

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Post ID: @svk+1vQooPtE

Supervision was hit. Not sure how they expect to properly supervise advisors, and serve them, when they were already allocating way too many advisors to each supervisor. Now.you reduce the Mount of supervisors while the advisor head count continues to grow & you will only lead to not servicing advisors properly.

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Post ID: @lpg+1vQooPtE

More firing on the way.

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Post ID: @cpl+1vQooPtE

They said approximately 2% of the company which is approximately 190 employees were let go. Every department was affected (I work in Compliance and about 10 people in my department were fired), however so far the only layoffs were below management level (that I know of). With the rapid growth, LPL can only cut so many people. I’ve not heard about changes to RTO

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Post ID: @fqs+1vQooPtE

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