Schwab Slashes 80 More Jobs in TD Ameritrade Integration

What You Need to Know

The firm has laid off more than 1,200 people since the purchase of TD Ameritrade was announced in 2020.
Schwab’s stock has fallen significantly since the failure of Silicon Valley Bank.
The latest cuts were not connected to turmoil in the financial sector, a spokesperson said.

Charles Schwab slashed another 80 or so jobs recently as a result of its ongoing integration with TD Ameritrade, Schwab confirmed Monday.

Shortly after completing its acquisition of TDA for $22 billion in October 2020, Schwab said it planned to reduce approximately 1,000 positions, or about 3% of the combined workforces of Schwab and TDA.

Then, that same month, in his opening remarks at Schwab’s virtual Impact conference for RIAs, Walt Bettinger, the firm’s CEO and president, acknowledged that the 1,000 cuts likely would not be the last. Sure enough, Schwab disclosed in early 2021 that it slashed another 200 or so jobs as part of its ongoing integration with TDA.

“As we’ve shared previously, job actions are part of our multi-year integration roadmap to reduce overlapping or redundant roles across the Schwab and TD Ameritrade broker-dealers,” a Schwab spokesperson told ThinkAdvisor on Monday, confirming a report by Ignites, a news site covering the mutual fund industry.

“A small number of teams across Schwab recently took action to address additional duplication of roles and approximately 80 colleagues out of our nearly 35,000 employees were notified that their positions have been eliminated,” the spokesperson said.