TD Ameritrade Holding layoffs, on the record
Every job cut, severance charge and restructuring TD Ameritrade Holding reported in its annual reports, 2017 to 2019, quoted from the filings. Headcount went from 10,412 to 9,226.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2017 | 10,412 | September 30, 2017 |
| 10-K for 2018 | 9,183 full-time equivalent employees | September 30, 2018 |
| 10-K for 2019 | 9,226 | September 30, 2019 |
Job cuts, severance and restructuring
Our summaryCompany expects to reduce headcount to about 8,800 full-time equivalent employees after completing the Scottrade integration, expected in the second quarter of fiscal 2018.
Word for word“After completion of the Scottrade integration, we expect to have approximately 8,800 full-time equivalent employees.” 10-K for 2017
Our summaryCompany recorded approximately $35 million of severance costs related to the Scottrade integration within employee compensation and benefits expense in fiscal 2017.
Word for word“Employee compensation and benefits expense increased 15% to $962 million, primarily due to an increase in average headcount related to our strategic growth initiatives and the Scottrade acquisition in September 2017, approximately $35 million of severance costs related to the Scottrade integration and higher incentive-based compensation related to Company and individual performance.” 10-K for 2017
Our summaryCompany expects to incur acquisition-related exit costs, including severance and other termination benefits, to achieve synergies from combining with Scottrade; it recorded $35 million of pre-tax charges in the fourth quarter of fiscal 2017 with the remainder expected during fiscal 2018.
Word for word“The Company incurred pre-tax charges of $35 million and assumed liabilities from the Acquisition of $100 million for these anticipated acquisition-related exit costs during the fourth quarter of the current fiscal year, with the remaining exit costs expected to be incurred and charged to expense over the course of the Scottrade integration during fiscal year 2018.” 10-K for 2017
Our summaryCompany reports employee severance and involuntary termination costs as a contractual obligation, with most payments due in fiscal 2018.
Word for word“Employee severance and involuntary termination costs (4) 134 132 2 — — Income taxes payable (5) 136 136 — — — Total $ 4,225 $ 736 $ 850 $ 976 $ 1,663 (1) Represents scheduled principal payments, estimated interest payments and commitment fees pursuant to the Senior Notes, the interest rate swaps and the revolving credit facilities.” 10-K for 2017
Our summaryCompany recorded severance and other employment benefit costs tied to the Scottrade integration, reported as a driver of higher employee compensation and benefits expense in fiscal 2018.
Word for word“Employee compensation and benefits expense increased 62% to $1.56 billion, primarily due to $235 million of severance and other employment benefits related to the Scottrade integration, an increase in average headcount related to the Scottrade acquisition and our strategic growth initiatives, and annual merit increases.” 10-K for 2018
Our summaryCompany began incurring acquisition-related exit costs, including severance and facility and administrative consolidation costs, to achieve synergies from combining with Scottrade; substantially all have been incurred as of September 30, 2018.
Word for word“As of September 30, 2018, substantially all of the acquisition-related exit costs associated with the Acquisition have been incurred.” 10-K for 2018
Our summaryCompany reported a remaining employee severance and involuntary termination obligation in its contractual obligations table.
Word for word“Employee severance and involuntary termination costs (3) 21 20 1 — — Income taxes payable (4) 218 218 — — — Total $ 4,051 $ 710 $ 838 $ 956 $ 1,547 (1) Represents scheduled principal payments, estimated interest payments and commitment fees pursuant to the Senior Notes, the interest rate swaps and the revolving credit facilities.” 10-K for 2018
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2016-09-30 | $0 | — |
| 2017-09-30 | $44 million | $10 million |
TD Ameritrade Holding 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 TD Ameritrade Holding’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 2019-11-15. 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.