Well, as you probably all have heard there were more Schwayoffs today, all to (former) TD Ameritrade employees and none to Schwabs. This is some Schwamily they are making. I know things will be alright in the long run, but I feel betrayed. Was TDs board aware that all of the layoffs would be on us when we kept being told that "Talent wins out!"? It seems all they wanted was to convert all the accounts we've worked so hard to make into Schwab accounts.
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I’ll add this to my previous post. Rodger Riney knew the industry was going to zero commission and very aware Schwab would just decimate Scottrade in zero commission environment. So he spent money to change culture at Scottrade just enough to sell out for what 4 billion before his life work was wiped out. The buyout of Scottrade‘s mostly transactional business is what did TDA in.
I was with Scottrade for over 10 years and a top producer w/ scottrade and had great numbers. But I was let go by TDA for their own personal in my area as there was many overlaps. No one felt sorry for me, and well life isn’t fair . Schwab took you over as TDA couldn’t compete in a no commish environment, so blame TDA leadership not Schwab!
The were very open in communication that they wanted the best of both companies. They had intentions of keeping top talent, regardless of location, for a new combined force. Top performers and highly skilled individuals were let go on Monday. More insight tells us that a 3rd party was used to identify overlapping roles and they were responsible for the decisions. This went against everything the associates were told. TD Ameritrade and Schwab ought to be ashamed for saying one thing and allowing another to occur. It was expected people would be let go but not in the hands of Towers Watson.
You're naive to believe this wouldn't happen. The acquiring company always lays more people off from the acquired firm. That's why people jump ship as soon as an acquisition is announced.
They've been attempting to weed out numbers at TDA Omaha since Schwab dropped their commission charges. Managers knew it was thinning by attrition to avoid unemployment and severance packages. There are many already out the door.
Much better conversation over on the Schwab board @OP+17CFDbuA
@khv+17C6fO1P are you trolling? Walt clearly said both sides will have cuts.
Schwab Employees were never told they would be laid off... They told us they were only keeping a small percentage of TD Employees... I’m not sure what they told you guys....
The TD execs I’m sure are crying in their golden parachute for their former team members that got the axe.
To the OP. You may have missed the part that Schwab acquired TD. This is not a partnership, and it is not co-equal. If TD acquired Schwab, then it would be different. But it didn't. It is what it is. Accept it, and move on. And this is not like a surprise.