Thread regarding LPL Financial Holdings Inc. layoffs

6/17 Layoffs

How many in Core Service were cut? Were the layoffs based on metrics, performance, pay? What other departments that were advisor facing get hit?

Did those that got cut get Severance? If so, how much and was it based on tenure, or was it a flat amount for everyone among every department?

Was "A.I." really the reason for the cuts? Exactly what platform was leading this "A.I." revolution for the company, because Core Service had rudimentary "A.I." tools to help Advisors out. We were on our own with finding answers and solutions for these advisors, and "A.I." definitely wasn't filling in the gaps.

The company did so well during the last quarterly earnings call. Sure, they could have done some minor layoffs here and there, but this is literally severing an arm. The brain drain from the company will be the end of them.

Finally, does anyone have any updates on the RTO policy for Core Service? There's been rumors that it's going up to 3 days a week by next quarter.

by Anonymous
| 2601 views | | 5 replies (last July 29) | Reply
Post ID: @OP+1jy4msh4r
Comment! It's anonymous!

5 replies (most recent on top)

@jb this is false. I know personally of 2 impacts in the AZ office. EVP and the admin. Everyone's name is on a list over there and just depends how far down they go. They preach employees to CREATE & SHARE JOY....then lay them off. They only view staff as labor and replaceable but have the nerve to act shocked when employee survey scores are low.

by Anonymous
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Post ID: @5yd+1jy4msh4r

@jb The CEO had to cover the millions the new CMCO spent to buy Anna Kendrick for a blip brand campaign. More layoffs coming in December and the following June every 6 months like clock work to cover “operational expenses”

by Anonymous
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Post ID: @1f1+1jy4msh4r

@OP employees are feeling very overworked and shocked about the layoffs from 6/17. All manager level and above. Many of the laid off numbers had been with LPL for many years (even a few over 20!) and well loved. I agree with the other comment about cutting costs being the driving factor. The layoffs heavily impacted Supervision. I’m unsure of any changes about RTO.

by Anonymous
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Post ID: @12c+1jy4msh4r

The layoffs were based on salaries and wanting to get some in at a lower price point as most of those laid off were manager and VP levels. The company got into some financial issues with the board over spending on advertising and c suite bonuses. They are attempting to not replace as many managers and VPs as possible to save on funds coming into the busier fall and winter seasons where a bulk of the business is done. The lay offs mostly impacted the FM, SD, Austin and KC offices. The AZ office with the newest service section had no lay offs.

by Anonymous
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Post ID: @jb+1jy4msh4r

according to the WARN notice filed with the state of california, 70 people were laid off in san diego on june 17. they will be paid until at least august 22. the WARN act requires at least 60 days notice before a mass layoff or severance of at least 60 days.

the state of south carolina has not yet posted updated information on their website.

by Anonymous
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Post ID: @f9+1jy4msh4r

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