TD Ameritrade nearly doubles profit, eyes St. Louis growth

TD Ameritrade announced Tuesday that it had nearly doubled its profit for the third quarter, the first full period since the company switched former Scottrade clients over to its system.

TD Ameritrade, the Omaha, Nebraska-based brokerage firm, closed on its $4 billion acquisition of St. Louis-based Scottrade Financial Services last fall.

Tim Hockey, TD Ameritrade’s CEO, said he now sees St. Louis as a “growth opportunity,” considering how much property the company owns in the city.

The company reported net income of $451 million, or 79 cents per diluted share. That was up from $231 million, or 44 cents per diluted share, for the same period last year. Revenue was $1.38 billion, up from $931 million in the same period last year.

The acquisition of Scottrade resulted in the transfer of more than 3 million former Scottrade client accounts. Scottrade employed 1,800 individuals in the St. Louis area, but it laid off 1,170 of them after the acquisition.

Today, Ameritrade employs 1,200 St. Louis workers, Hockey said.

Read more: St. Louis Post-Dispatch


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