News, Vision & Voice for the Advisory Community


As more prominent Schwabbies emerge amid 2,000 layoffs, Schwab CEO reassures that no 'meaningful' second shoe-drop is 'in the works at this point,' unless 'circumstances' dictate it

Middle-managment cuts range from legal department and alternatives to separately managed accounts (SMAs) and products serving the high-net-worth market.

Author Lisa Shidler November 9, 2023 at 2:30 AM
no description available
Walt Bettinger: Circumstances can change.

Rob Sobol

Rob Sobol

November 9, 2023 — 7:20 PM
Schwab is a different, much more complex company than TD Ameritrade ever was, and so is, by necessity, structured and operated differently. This might make me unpopular among my fellow ex-TDA alumni but I think Schwab is making some very hard decisions needed to address their bottom line that are actually fairly typical in the merger and acquisition context (though of course tough for those laid off), and almost assuredly has the needed innovation and business process improvements in the pipeline (although I was not in that area there so don’t have any direct or indirect knowledge on that). Schwab still has a great business, great people and gifted leaders, and I’m sure they will thrive (even without me there!).


November 10, 2023 — 2:15 AM
After this “bloodbath” it will be hard to assure employees of no more layoffs,

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Chuck Schwab reveals Part B, doubling-down on Walt Bettinger by making him co-chair, a day after Part A -- wagering $15 billion from the Schwab corporate treasury on the CEO's future leadership

The 84 year-old founder's elevation of his 61-year-old protege may foretell bigger fireworks from Rick Wurster who recently took over many of Bettinger's CEO duties, one executive recruiter says.

July 30, 2022 at 12:41 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

Charles 'Chuck Schwab' called James Gorman to protest a two-broker poach, kicking off a hydra-headed legal battle, costing Morgan Stanley millions, so far

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March 9, 2023 at 1:23 AM

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