The Investor Movement Index® (IMXSM) decreased slightly to 5.69 in October, down 0.35 percent from its September score of 5.71. The IMX is TD Ameritrade’s proprietary, behavior-based index, aggregating Main Street investor positions and activity to measure what investors actually were doing and how they were positioned in the markets.
The reductions are part of cost synergies from the acquisition of TD Ameritrade and amount to 3% of the combined companies' workforce.
"These reductions are part of our efforts to reduce overlapping or redundant roles across the two firms," Charles Schwab, which completed the acquisition of TD Ameritrade earlier in October, said. In November last year, Charles Schwab had agreed to buy TD Ameritrade Holding in an all-stock deal valued at $26 billion. "Employees whose roles are impacted by today's changes will have early access to all newly opened positions and be treated as internal candidates for the more than 1,000 currently open positions at Schwab through their 60-day notice period", the company said on Monday.