E Trade Financial layoffs, on the record
Every job cut, severance charge and restructuring E Trade Financial reported in its annual reports, 2017 to 2019, quoted from the filings. Headcount went from 3,600 to approximately 4,100.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2017 | 3,600 | December 31, 2017 |
| 10-K for 2018 | 4,035 | December 31, 2018 |
| 10-K for 2019 | approximately 4,100 | December 31, 2019 |
Job cuts, severance and restructuring
Our summaryThe company reported restructuring and acquisition-related activities expense for 2017, mainly tied to OptionsHouse integration costs and costs for the planned TCA acquisition.
Word for word“Restructuring and acquisition-related costs during the year ended December 31, 2017, primarily includes costs incurred in connection with the integration of OptionsHouse as well as costs from the planned acquisition of TCA.” 10-K for 2017
Our summaryThe company recorded restructuring costs tied to the realignment of its core brokerage business, which included employee severance, in 2016.
Word for word“Restructuring and acquisition-related activities during the year ended December 31, 2016 primarily related to employee severance from the realignment of the Company's core brokerage business and organizational structure as well as costs in connection with its purchase of OptionsHouse.” 10-K for 2017
Our summaryThe company recorded 2015 restructuring costs for department and business reorganizations, including shutdown of certain international operations, and executive severance for an eliminated position.
Word for word“Restructuring activities during the year ended December 31, 2015 includes costs related to department and business reorganizations, such as the shutdown of certain of the Company's international operations, and approximately $6 million of executive severance for a position that was eliminated during the year.” 10-K for 2017
Our summaryRestructuring of regulatory and enterprise risk management functions due to bank regulatory reform and the closing of the TCA acquisition.
Word for word“Restructuring and acquisition-related costs during the year ended December 31, 2018 primarily includes costs incurred in connection with the restructuring of our regulatory and enterprise risk management functions due to bank regulatory reform and the closing of the TCA acquisition.” 10-K for 2018
Our summaryThe company recorded $12 million of severance from organizational changes driven by an enterprise-wide cost containment initiative, along with $9 million of expenses for exiting its New York headquarters.
Word for word“Restructuring and acquisition-related activities during the year ended December 31, 2019 includes $ 9 million of expenses associated with the exit of our New York headquarters and $ 12 million of severance resulting from organizational changes driven by an enterprise-wide cost containment initiative.” 10-K for 2019
Our summaryThe company exited its New York headquarters and consolidated related operations at its Jersey City, New Jersey location.
Word for word“In December 2019, the Company exited its New York headquarters and consolidated related operations at its Jersey City, New Jersey location.” 10-K for 2019
Our summaryIn 2018 the company restructured its regulatory and enterprise risk management functions because of bank regulatory reform.
Word for word“Restructuring and acquisition-related costs during the year ended December 31, 2018 relate primarily to costs incurred in connection with the restructuring of our regulatory and enterprise risk management functions due to bank regulatory reform and the closing of the TCA acquisition.” 10-K for 2019
| Fiscal year ended | Severance costs | Restructuring charges |
|---|---|---|
| 2016-12-31 | — | $35 million |
| 2017-12-31 | — | $15 million |
| 2018-12-31 | — | $7 million |
| 2019-12-31 | $12 million | $23 million |
E Trade Financial has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from E Trade Financial’s annual reports (10-K for 2019, 10-K for 2018, 10-K for 2017) and the financial data it files with the SEC, as of 2020-02-19. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.