TD Ameritrade Has “Much and Much to Do” as it Strives to Consolidate Scottrade Operations and Customers | Money
Hockey, the CEO, said branch consolidation will not cut many jobs, as most Scottrade branch employees will move to neighboring TD Ameritrade branches or stay in one to be fame. The Scottrade brand will be phased out.
“It’s a much more efficient branch placement,” said Hockey, and the continued shift to online and mobile investments means fewer customers are visiting physical offices.
In fact, Hockey recently bought 100 shares of Apple using a new Facebook Messenger app. TD Ameritrade is expanding its call centers, including the one in St. Louis.
Spokeswoman Kim Hillyer said there would be job losses at both companies, “although quite a few are from the Scottrade side.” For example, she said, Scottrade retail chief Peter deSilva will remain with the company while TD Ameritrade retail chief Tom Bradley will leave.
In the past year, TD Ameritrade added 500 full-time workers to Omaha, out of a total of 2,500, and plans to hire 150 more during the year. Hillyer said the Old Mill headquarters building, which opened in 2013, is full.
Hockey said some of the people who have helped the business grow “won’t be with us for long. … It’s a tough time for people, and we take it seriously, ”with severance pay and other benefits that recognize their service.