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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
2 Comments
no description available
Walt Bettinger: Circumstances can change.

Walter Bettinger


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!).
Anonymous

Anonymous

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

Related Moves

May 25, 2024 at 2:45 AM

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

Another A-list RIA Schwabbie lands on his feet -- this time at DeVoe & Co. -- after TD Ameritrade merger displacement of 2,000-plus

Tony Parkin takes the reins as president of the San Francisco M&A shop and reunites with ex-Schwab boss who left 14 years ago

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

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