Charles Schwab has laid off another round of employees as part of its integration with TD Ameritrade, with the latest cuts sweeping up some high-ranking staffers in TD’s RIA custody business.
Sources familiar with the situation told Citywire that TD managing director of RIA practice management Vanessa Oligino, director of institutional sales Scott Leak and director of institutional consulting and sales support Greg Menefee will be leaving the company as a result of the layoffs.
One source estimated that Schwab laid off at least 50 people on Monday.
A Schwab spokeswoman confirmed the job cuts and said the layoffs were not focused on one particular area of the company.
‘As we’ve shared previously, achieving our goals for the integration of TD Ameritrade requires difficult but necessary changes designed to create the strongest firm possible,’ the Schwab spokeswoman said. ‘Today we took another step forward in that process by notifying a small number of our colleagues that their roles have been eliminated as part of integration-related reductions in duplicative roles or realignments of responsibilities across the two firms. We’re committed to providing transition support to everyone who is impacted, including reemployment assistance and severance benefits.’
The round of layoffs is Schwab’s third since it closed on its $22bn acquisition of TD Ameritrade in October of 2020. That month, Schwab laid off 1,000 people, a figure the company said represented 3% of its combined workforce. It let go of another 200 staffers in February.
Laid-off employees will be treated as internal candidates for open positions at Schwab, the Schwab spokeswoman said.
‘We are approaching the integration of TD Ameritrade with great thoughtfulness and care, and we have made tremendous progress, including around managing expense synergies and achieving revenue synergies,’ the spokeswoman added. ‘As part of this effort, we expect to continue making periodic and targeted job eliminations as we move toward account conversion.’
Schwab has said that it expects the integration process with TD Ameritrade to take between 30 and 36 months from the transaction’s close.
This article originally appeared on CityWire.
