Charles Shwab and TD Ameritrade to Lay Off 1000 Employees and a $550 Million Dollar Deal for J.M. Smucker Co.
After the $26 billion dollar merger between Shwab and TD Ameritrade was closed earlier this month, many investors questioned what was going to come next from this mega-behemoth brokerage. On Monday, the company disclosed that it will be laying off 1000 employees or around 3% of the combined workforce of Charles Shwab and TD Ameritrade.
It is still unclear which departments will be most affected by the layoffs. As for what this means for this online brokerage with over $6 trillion in assets, only time will tell.
The J.M. Smucker Co. is jammin´ to the sound of the music after it announced late on Monday that it has agreed to sell its oils and shortening business under the Crisco brand name to B&G Foods Inc. for around $550 million.
The deal comes after J.M Smucker revised their business plan and decided to focus more on “core growth platforms” such as snacks, coffee and pet food. The agreement should be finalized by fiscal third quarter of 2021.
Shares of J.M. Smucker rose just slightly in after-hours trading after the news.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.