Ameritrade to Cut 170 Employees

Share this article:
Ameritrade Holding Corp., the fifth-largest U.S. online brokerage, will lay off 170 customer service employees, representing 7 percent of its staff of 2,300, according to reports.


The move follows a 9 percent layoff by the Omaha, NE, firm in January. The job cuts will affect employees at company call centers in Texas and Omaha. The company expects the cuts to save roughly $15 million per year.


Jack McDonnell, president/CEO of Ameritrade's online brokerage unit, resigned from the company two weeks ago. Peter Ricketts, senior vice president and son of Joseph Ricketts, founder and chairman of Ameritrade, will temporarily assume McDonnell's responsibilities.


Charles Schwab Corp. said in late March that it would cut up to 13 percent of its total staff, and CSFBdirect Inc., the online brokerage unit of Credit Suisse Group, said it would cut 10 percent of its employees.


Share this article:

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

More in Opinions

The Challenge of Changeable Customers

The Challenge of Changeable Customers

When it comes to behavioral targeting, I'm never surprised by the ads I'm served on my personal Mac.

Spoiled for Choice: Answers

Spoiled for Choice: Answers

Sterling Worldwide is hiring a new VP of sales and marketing. Should the CRM expert or the data person get the job? See what our readers has to say.

Peering Into the Marketing Future

Peering Into the Marketing Future

You've heard it many times before: The only constant is change. Not really. Sometimes, the only constant is stubborn resistance. This year we'll see a mix of both.