Charles Schwab laid off 1,000 staff after merging with TD Ameritrade
A pedestrian comes in front of a Charles Schwab Corp. office building. in New York.
Gabriella Angotti-Jones | Bloomberg | Getty Images
Charles Schwab said Monday it was laying off 1,000 employees at the combined Schwab-TD Ameritrade company.
"We have started informing individuals that their roles have been cut and they will be leaving the company," Schwab said in a press release. "This will result in a loss of approximately 1,000 jobs, or approximately 3% of the combined workforce at Charles Schwab and TD Ameritrade."
Schwab did not immediately comment on which roles will be eliminated.
The $ 22 billion merger between Schwab and TD Ameritrade completed earlier this month and resulted in a huge online brokerage with more than $ 6 trillion in client assets and 28 million brokerage accounts. The integration of the activities of Schwab and TD Ameritrade is expected to take place in the next 18 to 36 months as the company seeks to streamline its structure.
"These reductions are part of our efforts to reduce overlapping or redundant roles between the two companies. However, the combined company will continue to hire in strategic areas that are critical to supporting our growing customer base," the company said.
Schwab also said that despite the layoffs, it will continue to hire in strategic areas that are critical to supporting its growing customer base. The dismissed employees have early access to all newly opened positions.
It is unclear which departments will be affected by the layoffs.
Schwab said it expected no further layoffs in 2020.
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