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Schwab-TD Ameritrade merger layoffs leave many ex-staffers shackled with non-compete agreements, hindering job search amid COVID-19 pandemic

The Charles Schwab Corp. has let go 1,000 mostly former TDA people -- many with generous severance pay -- but some low-level staff claim to have been subjected to vetos of new jobs under non-compete agreements tied to cashing in restricted shares

Author Lisa Shidler December 11, 2020 at 4:00 AM
2 Comments
no description available
Jack Edwards: It's not like they work for an oil and gas company and know exactly where to drill.

TD Ameritrade

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Charles Schwab & Co.


W Weber

W Weber

December 11, 2020 — 8:07 PM
Get a good lawyer, have them file a motion for summary judgment. You are not leaving on your own accord. Non-compete most likely not enforceable.
Ned Aliscious

Ned Aliscious

December 14, 2020 — 3:35 AM
Ah yes, non-compete clauses buried in phantom options and/or restricted share grants. Such an evil and well used tactic. Surely an employment lawyer out there will be willing to take this on for all ex employees under this agreement. Who will step up and make this happen? Less than $50k and this goes away and maybe the employees can garner a little extra comp if the lawyer is good...

Related Moves

January 6, 2022 at 10:33 PM

Oisín's snippets: Charles Schwab brand goes up on Omaha's TD Ameritrade stadium, home of college baseball world series • Interactive Brokers lands an RIA custody insider, Charlie Latimer, to climb the custodian ladder

The TDA brand lives on until the techies figure out how to make two systems into one, but change is in the air in Omaha, while Interactive Brokers gets a leg up in the custody business with a new hire.

December 27, 2021 at 9:58 PM

Goldman Sachs nabs TD Ameritrade's Darla Sipolt for RIA custody; Kate Healy, Jim Dario and Peter Dorsey are among 1,000 staffers cut by Schwab post TD merger

Included in the wholesale reduction of the Omaha, Neb.-based broker's redundant talent, about 40% of TD Ameritrade's marketing staff also got word today they have no future with their San Francisco-based owner

October 27, 2020 at 1:20 AM

Mark Tibergien sets up Ben Harrison to challenge Schwabitrade with a $150 million cut to Pershing's minimum and millions more to develop Veo-busting technology

The CEO suite hand-off in Jersey City pulls a trigger on a plan to bypass Fidelity's and eventually Schwab's custody units by luring disaffected RIAs.

March 11, 2020 at 7:58 AM

See more related moves

Mentioned in this article:

TD Ameritrade
Asset Custodian
Top Executive: Tom Nally



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