Twenty days
Schwab
“We have begun notifying individuals that their roles have been eliminated and they will be leaving the firm,” said the note from Schwab’s executive counsel, which stated that the company was “streamlining our structure” and “reshaping our branch network.”
Schwab said there would not be additional layoffs in 2020, but it left the door open to future staffing changes.
“Teams will be combining over time, and each enterprise will proceed at a different pace over the next 18 to 36 months,” the company stated. “Leaders will share more context specific to your enterprise as soon as they can.”
Among those let go this week were several veterans of TD Ameritrade Institutional. They included Kate Healy, former managing director of Generation Next; Kristin Petrick, former managing director of marketing and communications; Pete Dorsey, former managing director of institutional’s sales and advisor management; and Jim Dario, former managing director of product management, according to
A Schwab spokeswoman declined to confirm their departures, stating that Schwab “will not be commenting on individual staffing actions.”
Earlier this month, Schwab
In the notice, Schwab thanked the laid off employees and said it would provide reemployment assistance and severance benefits to them.
Employees let go will have “early access” to all newly opened positions and be treated as internal candidates for more than 1,000 current job openings at the company during their 60-notice period, according to Schwab.
Prior to the acquisition, TD Ameritrade had roughly 8,900 full time employees, according to the last quarterly report it