Schwab Removes More Executives From TD Ameritrade
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- Schwab has eliminated at least two other executives from TD Ameritrade as part of the ongoing integration of the two companies, according to a source.
- Almost all of the remaining HR associates, both at TD Ameritrade Institutional and its retail operations, have also been cut.
- Schwab admitted that job cuts had been made but declined to say how many.
Charles Schwab on Monday cut more jobs at TD Ameritrade, including at least two other of its executives, as part of the ongoing integration of the two companies, according to an industry source.
The cuts included George Tamer, general manager of institutional sales at TD Ameritrade and Matt Judge, director of RIA strategic relationship management at TD Ameritrade Institutional, the source told ThinkAdvisor, who requested anonymity because the cuts did not not yet announced. Tamer and Judge will remain in the cabinet until October, the source said.
Almost all of the remaining HR associates were also eliminated, both at TD Ameritrade Institutional and at its retail business, the source said, adding that it was possible that at least some jobs at Schwab also had been deleted, but “most were probably TDA”.
“No one seems to know the exact number ‘of cuts made on Monday,’ but it appears to be probably the second largest round of layoffs since the first in October which included hundreds of branch associates,” the source told ThinkAdvisor. in a LinkedIn message. “It must be well over 1,000 now.”
Schwab declined to say how many jobs were cut. “We have not released any numbers and we are not commenting on employees,” Schwab spokesperson Mayura Hooper told ThinkAdvisor on Tuesday.
“As we have stated previously, achieving our integration goals of Schwab and TD Ameritrade requires difficult but necessary organizational changes designed to create the strongest possible company for our clients,” she explained. “Our actions are primarily focused on overlapping and duplicating roles and have little or no impact on customer service roles.”
Schwab provides “transition support to everyone involved, including re-employment assistance and severance pay, as well as accommodating vacancies at Schwab,” she said. “It is important to note that we are taking these steps against the background of rapidly expanding our workforce and record hiring levels to support areas of growth for our combined company. “
The company “is aggressively hiring at Schwab and TD Ameritrade, with a particular emphasis on service and technology professionals, in our employment centers, including Dallas-Fort Worth, San Francisco, Omaha, St. Louis , Austin, Phoenix and Denver, ”she said. added.