Wall Street Insider December 28 – Business Insider
When Charles Schwab announced in November it was buying smaller rival TD Ameritrade, execs described the deal as an offensive play for sheer size after commissions evaporated — and were pretty forthright about the layoffs and branch closures to come.
Rebecca Ungarino reported just last night that Fidelity’s enterprise-cloud-computing group has been rocked by job cuts and senior departures. The asset management and brokerage giant is no stranger to the race to zero, given it got rid of online trading commissions in October and debuted two index mutual funds with zero expense ratios last year.