*Ameritrade Cuts Jobs Because of Dwindling Online Trading

Share this article:
Ameritrade said yesterday that it expects to cut 230 full-time and 120 part-time positions because of slower-than-expected growth in online trading.


The company said a majority of the layoffs would come from call centers in Omaha, NE, and Fort Worth, TX, which it staffed heavily during the boom in online trading at the beginning of last year. The 230 full-time staffers represent roughly 9 percent of the company's 2,500 employees.


Ameritrade also expects to report losses of more than 5 cents per share Jan. 17. Since the beginning of last year, shares of Ameritrade have plummeted roughly 62 percent to $8.06.


Industry analysts expect other online brokerages to follow Ameritrade's lead because of the slowdown in Internet trading.

This material may not be published, broadcast, rewritten or redistributed in any form without prior authorization. Your use of this website constitutes acceptance of Haymarket Media's Privacy Policy and Terms & Conditions