“LPL Financial, the largest independent broker-dealer in the industry, said that it plans to cut 10% of its workforce, or 275 employees, as part of a cost-cutting operation.
“In a filing with the Securities and Exchange Commission on Dec. 29, LPL revealed that it has begun a “comprehensive strategic business review” that involves cost-cutting operations including the layoffs. The company said it notified all employees of the cuts on Dec. 29, with all layoffs expected to be completed by Jan. 31. This is the first round of layoffs in the broker-dealer’s 40-year history.”
