'A lot of good people were let go yesterday,” said Neil Wolstenholme, a compliance analyst who has more than 20 years of experience.
SAN DIEGO, Calif. — Charles Schwab has announced layoffs affecting employees nationwide, including some branches here in San Diego.
"A lot of good people were let go yesterday,” said Neil Wolstenholme, a compliance analyst who has more than 20 years of experience.“I think solely it’s a cost cutting measure… Unfortunately — we are beholden to shareholders and producing a profit,” he said. Wolstenholme worked for TD Ameritrade before the company was acquired by Charles Schwab, based out of their Sorrento Valley headquarters.“Unfortunately I think the writing was on the wall to some extent as to what would happen next,” he said.
Wolstenholme says in addition to recent growing pains the company experienced after the TD Ameritrade acquisition, there are several variables affecting the industry overall. “Rising interest rates as well as automation and zero cost trading… If you go on any platform now, you can make a trade and not pay a dime. And that really sinks into our profits,” he said."In July, we shared our intent to take certain steps to remove cost and complexity from our organization. These steps include some changes to our real estate footprint, streamlining our operating model, and staffing reductions, largely in non-client-facing areas.
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