TD Ameritrade Completes Purchase of Scottrade, Up To 1,000 Job Layoffs Planned | Local company
FILE PHOTO: Former Scottrade Headquarters in Town and Country. The company was acquired by TD Ameritrade, based in Omaha, Neb. in September 2017.
Rodger Riney, founder and CEO of city and country-based Scottrade (photo courtesy of Scottrade)
By Lisa Brown St. Louis after the expedition
TD Ameritrade on Monday completed its $ 4 billion purchase of Scottrade Financial Services, a city and country-based company, a deal that will result in up to 1,000 fewer jobs in the St. Louis area over the next few years. months and eventual end of Scottrade’s name, including downtown, home to the St. Louis Blues hockey team.
TD Ameritrade, based in Omaha, Neb., Will convert Scottrade accounts to TD Ameritrade accounts in early 2018.
TD Ameritrade President and CEO Tim Hockey said he expects Scottrade’s current 1,800 jobs in the St. Louis area to employ between 800 and 1 000 next spring.
Company-wide, Scottrade had over 3,700 employees when the acquisition was announced last October.
A price war between online brokers in recent months is contributing to job losses. TD Ameritrade lowered its price from $ 10 per trade to $ 7 per trade to better compete with its competitors.
“When you see a fairly large amount of income taken out of income, you take a closer look at the expenses,” Hockey told the Post-Dispatch in a telephone interview Monday.
Hockey was in St. Louis last week to speak to Scottrade employees and economic development officials in the St. Louis area about TD Ameritrade’s future plans. The company will maintain an investor service call center with between 500 and 600 jobs in the same building at 700 Maryville Center Drive which currently houses its Town and Country headquarters.