Ameritrade to Cut 170 Employees

Share this content:
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.

Sign up to our newsletters

Company of the Week

Since 1985, Melissa has helped thousands of companies clean, correct and complete contact data to better target and communicate with their customers. We offer a full spectrum of data quality solutions, including global address, phone, email, and name validation, identify verification - available for batch or real-time processes, in the Cloud or on-premise. Our service bureau provides dedupe, email/phone append and geographic/demographic append services for better targeting and insight. For direct mailers, Melissa offers easy-to-use address management/postal software, list hygiene services and 100s of specialty mailing lists - all with competitive pricing and excellent customer service.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above