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Schwab-TD Ameritrade merger layoffs leave many ex-staffers shackled with non-compete agreements, hindering job search amid COVID-19 pandemic

The Charles Schwab Corp. has let go 1,000 mostly former TDA people -- many with generous severance pay -- but some low-level staff claim to have been subjected to vetos of new jobs under non-compete agreements tied to cashing in restricted shares

Author Lisa Shidler December 11, 2020 at 4:00 AM
Admin:
no description available
Jack Edwards: It's not like they work for an oil and gas company and know exactly where to drill.

W Weber

W Weber

December 11, 2020 — 8:07 PM
Get a good lawyer, have them file a motion for summary judgment. You are not leaving on your own accord. Non-compete most likely not enforceable.
Ned Aliscious

Ned Aliscious

December 14, 2020 — 3:35 AM
Ah yes, non-compete clauses buried in phantom options and/or restricted share grants. Such an evil and well used tactic. Surely an employment lawyer out there will be willing to take this on for all ex employees under this agreement. Who will step up and make this happen? Less than $50k and this goes away and maybe the employees can garner a little extra comp if the lawyer is good...

Related Moves

A canary in the coal mine, Amy Richardson left Charles Schwab & Co. for an RIA -- before the 2,000 layoffs -- now a robust job market is saving the Schwab diaspora, she says

The former Schwab director wants former colleagues to know life exists after Schwab and good job opportunities are plentiful in the financial services sector.

December 20, 2023 at 1:52 AM

Robinhood gets 'brilliant' upper manager -- and a spare CEO -- by nabbing TD Ameritrade's ex-thinkorswim top exec, hopefully to throw a lifesaver to Robinhood's sinking stock

The Menlo Park, Calif., firm nabbed Steve Quirk as first-ever chief brokerage officer to 'bridge the gap between academia and reality.'

January 6, 2022 at 10:33 PM

Oisín's snippets: Charles Schwab brand goes up on Omaha's TD Ameritrade stadium, home of college baseball world series • Interactive Brokers lands an RIA custody insider, Charlie Latimer, to climb the custodian ladder

The TDA brand lives on until the techies figure out how to make two systems into one, but change is in the air in Omaha, while Interactive Brokers gets a leg up in the custody business with a new hire.

December 27, 2021 at 9:58 PM

Goldman Sachs nabs TD Ameritrade's Darla Sipolt for RIA custody; Kate Healy, Jim Dario and Peter Dorsey are among 1,000 staffers cut by Schwab post TD merger

Included in the wholesale reduction of the Omaha, Neb.-based broker's redundant talent, about 40% of TD Ameritrade's marketing staff also got word today they have no future with their San Francisco-based owner

October 27, 2020 at 1:20 AM

See more related moves

Mentioned in this article:

TD Ameritrade
Asset Custodian
Top Executive: Tom Nally



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