TD Ameritrade cuts staff at Westminster as reorganization begins after Scottrade acquisition
As part of a company-wide reorganization, TD Ameritrade is laying off employees at several locations, including 32 at a facility in Westminster.
The Westminster site – 10955 Westmoor Dr., Suite 105 – is a former Scottrade office. Ameritrade just completed its $ 4 billion purchase of rival broker Scottrade last month.
It is not clear whether other Colorado brokerage offices will be affected by the reorganization, but in a worker adjustment and retraining notification filing with the state Department of Labor, TD Ameritrade said that the job cuts at Westminster would go into effect on December 20 and that “this action is part of a larger corporate reorganization and employees in several locations will be affected.”
Scottrade opened its operations center in Westminster in 2010 and announced plans to hire 285 people over five years. The company had purchased the four-story, 204,000-square-foot Westmoor building in late 2009, according to a Denver Post report.
It is not known whether Scottrade or Ameritrade operations will still exist in the building after the layoffs. TD Ameritrade officials could not be reached for comment on Wednesday evening.
In a note to clients on September 18, Scottrade President Peter deSilva said Scottrade client accounts will move to TD Ameritrade by the start of 2018. Earlier this month, deSilva joined TD Ameritrade in as president of retail distribution.