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

11 Comments

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

TD Ameritrade

The Charles Schwab Corp.

TDA

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.

Mary

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

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

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

BillDudley

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.

Dshizzel

October 31, 2023 — 9:44 PM

Good. Now raise the interest on your savings accounts.

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.

Ken

November 1, 2023 — 2:26 AM

Great. Maybe now they can hire a new website programmer. Absolute worst trading platform I have ever used.

JenGoldman

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.

Dick

November 1, 2023 — 7:59 PM

Idiots destroyed. TD Ameritrade.

Obo

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?

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Mentioned in this article:

TD Ameritrade
Asset Custodian
Top Executive: Tom Nally