The St. Louis area stands to lose hundreds of jobs following Monday’s announcement that Scottrade is being sold for $4 billion to TD Ameritrade and Toronto-Dominion Bank.
Scottrade currently has about 1,800 employees in the St. Louis region. And although TD Ameritrade pledges to keep a significant presence in St. Louis, including a sizable call center, there will be job losses.
TD Ameritrade CEO Tim Hockey said the company would have between 500 and 1,000 jobs in the St. Louis area after the companies combine.
Following the finalization of the merger, the Scottrade name will also be phased out, including at the Scottrade Center downtown, home of the St. Louis Blues. The arena’s name will be changed to TD Ameritrade Center.
The deal comes at a time when the industry is wrestling with sluggish revenue growth. It will produce a combined business with around 10 million client accounts and nearly $1 trillion in total client assets. Together, the two firms execute around 600,000 trades per day.
Read more: St. Louis Post-Dispatch