Thread regarding Scottrade layoffs

TD Ameritrade Scottrade Merger Layoffs

TD Ameritrade will cut jobs - that's a given - and the pain will not be evenly spread

TD Ameritrade Chief Executive Tim Hockey told The World-Herald on Monday that he expects no staffing changes in Omaha and that St. Louis will bear the job losses, with headquarters positions falling by more than half to between 500 and 1,000 in the next two years.

“I can assure everyone we will be very fair and generous,” Hockey said, referring to severance payments and job-placement assistance for Scottrade employees.

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How are they being fair!? They are cutting All of Scottrade's St. Louis HQ operations employees! How is this fair??

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hopefully these employees will receive stay-bonus and/or severance pays. St. Louis metro loses another employer

Does anyone care? 2 and 3 person startups isn't going to keep the metro area on the employment map.

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Its a private company, not public. The owner is 70 and has cancer. He picked TD, as they are the best competitor/peer. Margins in the industry are getting smaller and smaller and customers want more and more service.

Go out and start your own deal.

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This acquisition is Another example of American capitalism at its worst. The all-too common scenario of CEO's in a stagnant growth industry facing the wrath of institutional investors and decide the fastest way to get them off their backs is to take on enormous debt to gobble up a competitor.

It's so much easier than actually figuring out how to improve their sales and bottom line by improving their companies. The result is always the same: a disaster for the employees and communities of the acquired firm, and an obscene pay-off for the top echelon of executives.

There's no foreseeable end to this until the economy is dominated by a few dozen mega-conglomerates, and just the thought of that is frighteningly Orwellian.

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