Although Charles Schwab’s $22 billion acquisition of TD Ameritrade was finalized in October 2020, the integration of TDA into Schwab’s operations extended into 2021 and still has a ways to go before it’s expected to be completed.
In February, Schwab CEO Walt Bettinger said, “We remain as committed as ever to saving the $1.8 [billion] to $2 billion of expenses that would otherwise come from our combined run rates” through the completion of the integration with TD Ameritrade.
Just a few days later, Schwab disclosed it slashed another 200 or so jobs as part of its ongoing integration with TDA. The job cuts are in addition to the more than 1,000 jobs that the company already said it was eliminating across the two firms following the finalization of that deal.
Further job cuts at TDA came in May and July. In October, John Tovar, managing director of wealth management services for TDA Institutional, said Schwab was preparing to bring TDA clients to its platform, and the completion of the integration of TDA into Schwab’s business was still on track to be completed within 36 months.
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Keith Patrick Gill, who had been registered as a broker with MassMutual, drove video game retailer GameStop’s stock price up early this year through his recommendations on Twitter and YouTube under the name “Roaring Kitty” and on Reddit under the name “DeepF***ingValue.”
In February, Massachusetts’ top securities regulator, William Galvin, said he was looking into the actions of Gill in relation to the trading frenzy surrounding GameStop and other stocks a week earlier. That same month, Gill and Robinhood Markets CEO Vlad Tenev testified before the House Financial Services Committee on the Reddit GameStop Squeeze.
Although he was registered as a broker with MassMutual, according to his report on the Financial Industry Regulatory Authority’s BrokerCheck website, Gill told lawmakers that in 2019, he accepted “a marketing and financial education job” at MassMutual.
In March, Galvin ordered MML Investors Services LLC, a subsidiary of MassMutual, to overhaul its social media policies and pay a $4 million fine over the company’s failure to supervise agents, including Gill.
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Athony Duwayne Turner, the former boyfriend and co-worker of slain Bank of America executive Michelle Avan, pleaded not guilty to her murder in August, according to the Los Angeles district attorney.
Avan served as a managing director at Merrill for 22 years before being promoted in June to head of BofA’s global women’s and underrepresented talent strategy, according to her LinkedIn profile.
The cause of her death was unknown, but she “appeared to have suffered trauma to her face,” according to the Los Angeles Police Department. Avan’s son discovered her body a week earlier, and a member of her family contacted police and Los Angeles Fire Department paramedics.
Turner, 52, of Westchester, California, was arrested in August and bail was set at $2 million, police said. Turner was charged with felony murder and first-degree residential burglary in his former girlfriend’s death, according to Gascón.
On Aug. 3, Turner allegedly entered Avan’s home and killed her before leaving Aug. 4, the district attorney said. Turner had been with Merrill since 2004, and his registration with FINRA shifted to BofA Securities in 2019, according to his report on FINRA’s BrokerCheck. A preliminary hearing is set for Dec. 1.
(Credit: Los Angeles Times/Los Angeles Sentinel)./
LPL Financial was “deeply concerned by the statements attributed to” a registered representative for the firm, the company said in August, after videos posted on TikTok and shared across social media sites alleged she told her staff she didn’t want to interview Black applicants for an open position at her office.
In a video, Denise Bradley, who goes by the name auntkaren0 on TikTok and has more than 1 million followers, branded Eileen Cure, a former registered broker and advisor at LPL-affiliated Cure and Associates in Nederland, Texas, the “racist of the day” after somebody on Cure’s staff forwarded Bradley an image of a statement allegedly made by Cure after interviewing a Black candidate for the position.
According to Bradley’s video, Cure allegedly told her staff in a Skype message: “i wanted to tell you i specifically said no blacks.I’m not a prejudiced person, but our clients are 90% white and i need to cater to them… .”
LPL said after it saw the video it “immediately launched an internal investigation to review the matter .... We will not tolerate discrimination of any kind in our LPL community.” One day later, LPL ended its affiliation with Cure, who had been registered with LPL since 2018.