As its integration with TD continues, Schwab cut 50 employees on Monday, one source estimates.
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.
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The Layoff List was created in 2019 and is free for the community. Tips reported are left anonymous unless they explicitly ask to be included as a source. We verify a majority of tips and include independent sources, but for tips that we are unable to verify we separately categorize them as unverified reports to avoid misrepresentations.