January 5, 2009

LPL Financial To Lay Off 10% Of Work Force

Filed under: finance,US — 7macaw @ 4:24 pm
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CNN Money reports, “LPL Financial, an independent broker/dealer, said it will cut 10% of its work force, or approximately 275 employees, according to a recent filing with the Securities and Exchange Commission.

In the Dec. 31 filing, LPL said it announced the staff reduction to reduce costs as part of a “comprehensive strategic business review.”

LPL said it notified all employees of the job cuts on Dec. 29 and expects to complete all activities associated with the restructuring by Jan. 31. The company also expects to take a fourth-quarter charge of $12 million related to severance and similar personnel-related expenses, the filing said.”

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