Brokerage firm Charles Schwab, which owns TD Ameritrade, is laying off 1,000 workers across both companies or about 3 percent of its labor force.
The layoffs are part of the ongoing process of eliminating overlapping roles since Schwab bought TD Ameritrade for $26 billion late last year, the company said in a statement announcing the layoffs.
Schwab will “continue to hire in strategic areas,” the statement said, and laid-off workers will be given priority in filling any new spots during their 60-day notice period.
TRENDPOST: Month after month, week after week, we have reported on major employee layoffs at major firms. We illustrate this to note that while the business media focuses on the numbers, lost in their reporting is the devastating affects the firings are having on millions of lives and families.
Where will the laid-off workers find jobs to replace their previous ones? If they do, considering the economic future, their salaries and benefits will be much lower. Thus, the numerous personal, social, and economic implications will negatively impact the state of the nation.
