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Practice Management > Building Your Business > Recruiting

Schwab’s ‘Aggressive’ Hiring Plan Includes 450 Jobs in Austin

By Jeff Berman

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What You Need to Know

  • The hiring is part of its ongoing plan to fill client service, technology and other roles across multiple U.S. locations.
  • The firm is also hiring in Dallas-Forth Worth, Omaha, St. Louis, San Francisco, Phoenix and Denver.
  • However, the firm has also slashed more than 1,000 jobs since completing its acquisition of TD Ameritrade.

Charles Schwab has “nearly 450 open roles” in Austin, Texas, that it is currently looking to fill, a company spokesman told ThinkAdvisor on Friday.

Those new hires will join the “nearly 2,750 employees currently based there,” he said.

The hiring plan is part of the firm’s “continuing” plan to fill client service and technology roles “as well as most other functions” across multiple U.S. locations, he said.

That plan was first announced by Schwab in July, when it said in a news release that “through its Schwab and TD Ameritrade broker dealers” it was “currently hiring in key markets nationwide, part of an expansion of the company’s ongoing recruitment efforts.”

At the time, it said that “open positions span functions across Schwab and TD Ameritrade, with a particular emphasis on financial consultants, client service, licensed representatives, and technology professionals, across the company’s employment centers, including Dallas-Forth Worth, Omaha, St. Louis, Austin, San Francisco, Phoenix and Denver.”

The firm is “hiring aggressively across Schwab and TD Ameritrade” in those markets, Schwab spokeswoman Mayura Hooper told ThinkAdvisor at the time.

The Austin American-Statesman reported Wednesday that Dennis Howard, Schwab chief information officer, said in a written statement: “We expect our teams in Austin to play a key role as we work to live up to Schwab’s ‘no trade-offs’ approach to serving our clients. Austin’s reputation as a hub for tech talent is well deserved, and, at their foundation, our open technology roles here are grounded in developing the digital experience and tools that help our clients achieve their goals.”

On the Other Hand …

However, Schwab has also slashed more than 1,000 jobs since completing its acquisition of TD Ameritrade in October.

Schwab said in November that it was closing almost 80% of TD Ameritrade’s network of about 260 branches that serve investors. The company had already taken steps to achieve between $250 million and $300 million in expense reductions, it said at the time. Schwab aligned the management structure and across management in the TD branch network eliminated over about 1,000 roles, it said.

In February, Schwab disclosed it slashed another 200 or so jobs as part of the ongoing integration with TD Ameritrade. In May, Schwab said it eliminated more jobs at TD Ameritrade, including at least three of its executives, as part of the ongoing integration of the firms.

And, in July, Schwab eliminated more jobs at TD Ameritrade, including at least another two of its executives, as part of the ongoing integration of the two firms, an industry source told ThinkAdvisor.

Jeff Berman

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