TD Ameritrade and Omaha appear to have come out winners in the derby to consolidate the online brokerage industry.
The Omaha-based company’s $2.7 billion buyout Monday of St. Louis-based rival Scottrade Financial Services is expected to lead to no job losses in the metro area. Such deals are always predicated on saving money by eliminating duplicate departments and employees.
But in this case, it is St. Louis that will suffer. TD Ameritrade Chief Executive Tim Hockey told The World-Herald on Monday that he expects no staffing changes in Omaha and that St. Louis will bear the job losses, with headquarters positions falling by more than half to between 500 and 1,000 in the next two years.
“I can assure everyone we will be very fair and generous,” Hockey said, referring to severance payments and job-placement assistance for Scottrade employees.