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With the swiftness of a lightning strike, Charles Schwab Corp. fires as many as 2,000 employees with no public announcement, affecting legacy Schwab, as well as TD Ameritrade staffers

Cuts sweep up the chain of command to executive, supervisory levels – divisions thought sacrosanct hit and many positions are client-related, but not client-facing, RIABiz learns

Author Lisa Shidler October 30, 2023 at 10:44 PM
no description available
Phil Waxelbaum: 'It'll be a lot of people home for Christmas.'
Brooke Southall and Keith Girard contributed to the editing of this article.

Walt Bettinger

Judy Okraski

Judy Okraski

October 31, 2023 — 12:25 AM
That explains it! I am a TD Ameritrade transplant to Schwab. I can't reach anyone to get my new account Number!! Statement from Schwab to let me know my account had been transferred didn't have an account number on it!!!??? I need to find another broker asap.


October 31, 2023 — 4:07 AM
Why are you quoting from https://www.thelayoff.com/charles-schwab, an anonymous site that ANYONE can post on? You keep referencing that "employees" made these quotes, but you can't verify that. Literally anyone can post on the site, including internet trolls who make things up. How can you verify if a Schwab "employee" said it or an internet troll? You can't, and you didn't. Not very reliable journalism here, and you need to disclose to your readers that your sources are NOT limited to only Schwab employees and may contain false or misleading information because of that. No Schwab email address or anything is required to post on that website.
Peter Giza

Peter Giza

October 31, 2023 — 4:10 AM
These staff reductions will cut deep into the hearts of former TDA and Schwab employees. However, there is a bright spot. There is a need for talent and for new startups, myself included, we welcome the opportunity to snatched up that great talent. Pete
Brooke Southall

Brooke Southall

October 31, 2023 — 5:03 AM
Mary, I took your criticism to heart and advised readers starting in the fifth paragraph. I took out one comment that had a potentially trollish edge to it. The rest just seemed matter of fact and weren't speculating or casting aspersions. Brooke


October 31, 2023 — 6:34 AM
I once heard a panelist at an Event who worked in Journalism say “If it’s in the WSJ” you can almost know with certainty it’s accurate and true, because the level of scrutiny, auditing, and consequences of embellishment at that Brand of Publication are airtight. May have misquoted he/her, but she said something to that effect at the Event, and it’s stuck with me as credible.


October 31, 2023 — 9:44 PM
Good. Now raise the interest on your savings accounts.
Jason J Marchi

Jason J Marchi

October 31, 2023 — 11:48 PM
This happened at McGraw-Hill in 2002 and 2003. Not longer after our company was purchased, all back-office function jobs, sales jobs cut, and so on were cut. When companies merge, these cuts always happened. It's the American way today. Corp. greed. The top 1 percent destroying the lives of everyone else because the 1 percent own the politicians, the legislators, and the courts. It's going to get worse, folks. America has a new Kingdom and Queendom, and it's controlled by the billionaires.


November 1, 2023 — 2:26 AM
Great. Maybe now they can hire a new website programmer. Absolute worst trading platform I have ever used.


November 1, 2023 — 10:34 AM
Schwab just gave their competition a big boost - experienced, awesome talent! Now Fintech, rising custodians, and RIA firms can tap that talent pool to fill gaps due to talent shortages.


November 1, 2023 — 7:59 PM
Idiots destroyed. TD Ameritrade.


November 1, 2023 — 8:39 PM
I was disappointed when cordoned into Schwab. It lacks comparative tools. Charlie's move to Texas must've turned to sqeezing dry lemons. Where oh where and to whom shall I transfer my meager holdings?

Related Moves

May 10, 2024 at 1:29 AM

Schwab 2,000-layoff aftershocks roil the industry as it's revealed top tech talent -- led by widely regarded veteran Kartik Srinivasan -- were axed, raising questions about future of Schwab innovation

Behind every layoff a human story as pink slip to an 'unbelievable talent' epitomizes company's determination to cut $500 million in expenses.

November 3, 2023 at 3:49 AM

Charles Schwab Corp. discloses imminent, sweeping 'TD Ameritrade' layoffs, indirectly revealed in new SEC filing that reports it will expense severance mostly in 2023 to gain 'incremental' $500 million synergy in 2024 and beyond

The Westlake, Texas, firm had not previously disclosed the cost of terminations -- people and offices -- or that so many of the farewells will happen by Dec. 30

August 22, 2023 at 12:46 AM

Apex nabs Jon Patullo from 'Schwabitrade' to 'raise the bar' and make his new firm's RIA system as 'frictionless' as the old one

The loved and admired TD Ameritrade software chief will bring his playbook -- and possibly Schwab's -- to Apex, which continues to try putting a winning front-end on its old Penson backend, a source says

October 11, 2022 at 12:40 AM

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