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Charles Schwab to lay off 1,000 workers following merger with TD Ameritrade
Charles Schwab said Monday it is laying off 1,000 employees from the combined Schwab-TD Ameritrade company.
“We have begun notifying individuals that their roles have been eliminated and they will be leaving the firm,” Schwab said in a press release. “This will result in a reduction of approximately 1,000 positions or about 3% of the combined workforce of Charles Schwab and TD Ameritrade.” Schwab did not immediately comment on what roles will be eliminated.
The $26 billion Schwab-TD Ameritrade merger closed earlier this month, creating a behemoth online brokerage with more than $6 trillion in client assets and 28 million brokerage accounts. The integration of Schwab’s and TD Ameritrade’s operations is expected to take place over the next 18 to 36 months as the company seeks to streamline its structure. “These reductions are part of our efforts to reduce overlapping or redundant roles across the two firms, but the combined firm will continue to hire in strategic areas critical to support our growing client base,” the firm said.
Schwab also said despite the layoffs it will continue to hire in strategic areas critical to support its growing client base. The terminated employees will get early access to all newly opened positions.
It is unclear which departments the layoffs will effect. Schwab said it doesn’t expect any further layoffs in 2020.
https://www.cnbc.com/2020/10/26/charles-schwab-to-lay-off-1000-workers-following-merger-with-td-ameritrade.html
good morning
French AF CTM1012 Airbus A330 departed LAX ne after an arrival on 1025 from Tahiti late
SAM727 USAF C-32A departed Delhi Airport south to Sri Lanka-this is KANSAS continuing trip to India
Pompeo, Esper driving US's anti-China message in India visit
https://www.channelnewsasia.com/news/asia/pompeo-united-states-india-anti-china-13382206
02-4452 USAFSOC C-32B nw out of the West Bank after a ground stop-inbound from Ramstein AFB earlier and returning to Ramstein AFB
SAM952 USAF G5 departed Sophia, Bulgaria after an overnight-inbound from Split, Croatia-heading to Shannon, Ireland for a ground stop for fuel and possibru crew change
RESET58 US Navy E-6B Mercury starting it's day out of NAS Pax River
00-9001 USAFSOC C-32B departed McGuire AFB en and over Connecticut at present
R1778 US Army G5 departed JBA west and a direction change over W. VA to ne
RCH775T RCH779T RCH772T USAF C-17 Globeys departed JBA west
AMD to buy chip peer Xilinx for $35 billion in data center push
Semiconductor designer Advanced Micro Devices Inc (AMD) said on Tuesday it would buy Xilinx Inc in a $35 billion all-stock deal, intensifying its battle with Intel Corp in the data center chip market.The deal, which AMD expects to close at the end of 2021, will create a combined company with 13,000 engineers and a completely outsourced manufacturing strategy that relies heavily on Taiwan Semiconductor Manufacturing Co Ltd (TSMC).
The two U.S. companies have benefited from a more nimble approach to grab market share from Intel, which has struggled with internal manufacturing.
AMD has long been Intel’s chief rival for central processor units (CPUs) in the personal computer business.
Since Chief Executive Lisa Su took over AMD in 2014, she has focused on challenging Intel in the fast-growing business of data centers that power internet-based applications and services and are fueling the rise of artificial intelligence and fifth-generation telecommunications networks.
Xilinx has also been working to penetrate data centers with programmable processors that help speed up specialized tasks such as compressing videos or providing digital encryption. Its primary rival in the area, Altera Corp, was scooped up by Intel for $16.7 billion in 2015 in what was then Intel’s largest-ever deal.
“There are some areas where we’re very strong, and we will be able to accelerate some of the adoption of the Xilinx product family,” Su told Reuters in an interview. “And there are some areas where (Xilinx CEO) Victor (Peng) is very strong, and we believe that we’ll be able to accelerate some of the AMD products into those markets.”
The tie-up comes at a time when Intel’s manufacturing technology has fallen years behind TSMC’s. AMD, which spun off its factories nearly a decade ago, has rocketed ahead of Intel with chips that perform better. The performance edge helped AMD gain its best market share since 2013 at slightly less than 20% of the CPU market, which has in turn pushed its shares up 79% this year.
moar
https://www.reuters.com/article/xilinx-ma-amd/update-2-amd-to-buy-chip-peer-xilinx-for-35-billion-in-data-center-push-idUSL1N2HI0U8
00-9001 USAFSOC C-32B departed McGuire AFB en and lining up for Albany, NY Int'l Airport-on ground now
09-0016 USAF C-32A departing JBA nw-this AC was used as the escort for POTUS yesterday and was used by POTUS last Friday
morning B
Everything settled now?
Doing fine-watching everything I place get walked over in gen.and laughing about it too.
Cold (for here) what is left of muh toms not gonna make it.
The rest doing fine-lettuce, cukes peppers-usually can nurse those through what we call winter here.