LPL Financial recently imposed a new round of layoffs affecting 3% of its workforce. Based on the company's year-end 10,099 headcount, roughly 303 employees likely were affected.
"As a high‑performing, growth‑oriented firm, we continually assess how we operate. Following a firm‑wide review, we identified opportunities to streamline our business across all areas," LPL said in a statement sent to ThinkAdvisor on Tuesday.
"Though difficult, these actions ensure we focus our investments where they have the greatest impact for our business and clients. These changes affect about three percent of the firm. We also continue to grow in priority areas, with more than 300 open positions," the company said.
Anecdotes appearing to be from LPL employees, posted on TheLayoff.com, indicate the financial services company informed affected staff members last week.
One person posted anonymously on Feb. 12 that they were told in an after-hours email from their manager's manager to appear at a meeting the first thing the next day. Other commenters reported being dismissed in similar meetings.
Another message posted anonymously on Monday reads: "Anyone else get a partially meets in their YE review? After years of strong performance I was blindsided by a partially meets from my manager (relatively new manager to LPL btw) and had not yet acknowledged. I was trying to figure out next steps on how to respond when I got the news on Thursday. I should have saw it coming."
CityWire reported the layoffs on Friday.
LPL's stock dropped sharply last week along with other wealth management shares after news that that Altruist had introduced new advanced tax planning features.
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