urbanSTL

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In regards to St. Louis, the region will maintain 500 to 1000 jobs - so they say.

So essentially, St. Louis is being nearly gutted (or reduced by nearly 50% or greater). I think many of the at-risk local jobs will slowly trickle up to Omaha. AND I wouldn't be surprised at all that with this newly-merged firm's new growth, if the TD Ameritrade HQs eventually ends up in Chicago, where they have a significant office.

Just a wild guess. I know Omaha has a shiny new (ugly, in my opinion) building, but the corporate "structure" could move to Chicago like ADM recently did.

However, all is not lost in St. Louis. There is always a silver-lining in EVERYTHING.

Many of those 800 to 1300 at-risk workers will find local employment. Trust me, Stifel, Edward Jones, Huntleigh Securities, Benjamin F. Edwards, Wells Fargo Advisors, Morgan-Stanley, BofA, US Bank, Merrill Lynch, Raymond James etc. etc. will be recruiting the best from Scottrade. All of them either have their HQs in St. Louis or a regional office.

Make no mistake about it, this is a hit to the 90,000 financial services workforce, but the sector in St. Louis is so big, per capita, that it can eventually recover. Some workers could even start their own start-up businesses. And this sale may present an opportunity for new non-local firms to bring new jobs to St. Louis thereby snatching up that laid-off Scottrade workforce.

Here is a feel good piece from the Post on all the companies that have left StL since 2011 - For the irony impaired, it does not feel good

http://www.stltoday.com/business/compan ... 9b810.html

That being said - I think the press and the citizenry like to roll around in these failures (or just unfortunate events) a bit more than they should

arch city wrote:Continued from previous page -


In regards to St. Louis, the region will maintain 500 to 1000 jobs - so they say.

So essentially, St. Louis is being nearly gutted (or reduced by nearly 50% or greater). I think many of the at-risk local jobs will slowly trickle up to Omaha. AND I wouldn't be surprised at all that with this newly-merged firm's new growth, if the TD Ameritrade HQs eventually ends up in Chicago, where they have a significant office.

Just a wild guess. I know Omaha has a shiny new (ugly, in my opinion) building, but the corporate "structure" could move to Chicago like ADM recently did.

However, all is not lost in St. Louis. There is always a silver-lining in EVERYTHING.

Many of those 800 to 1300 at-risk workers will find local employment. Trust me, Stifel, Edward Jones, Huntleigh Securities, Benjamin F. Edwards, Wells Fargo Advisors, Morgan-Stanley, BofA, US Bank, Merrill Lynch, Raymond James etc. etc. will be recruiting the best from Scottrade. All of them either have their HQs in St. Louis or a regional office.

Make no mistake about it, this is a hit to the 90,000 financial services workforce, but the sector in St. Louis is so big, per capita, that it can eventually recover. Some workers could even start their own start-up businesses. And this sale may present an opportunity for new non-local firms to bring new jobs to St. Louis thereby snatching up that laid-off Scottrade workforce.

This is an excellent point. I currently live in Sioux Falls, and am frequently in Omaha. ConAgra recently left Omaha for Chicago and I believe they took all the jobs with them, about 2500. Omaha is actually struggling and many people don't know it. TD Ameritrade will definitely leave Omaha. The city is poorly connected, and has an airport straight from a developing nation.

Well where will they leave Omaha for? Chicago? Here?


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Chicago. No way the Ricketts Family chooses St. Louis over Chicago.

I'm guessing that any job losses will be quickly absorbed due to the size of financial services sector in the metro area. More than the number of people who will lose their jobs get hired or replaced every year in the field here. If you had to pick a time for a downsizing this would be better than most, due to the size of the sector here and tight labor market in the field locally, so it won't be hard for anyone displaced to find local employment in the field. Also with the growth in startup activity here a few might start their own companies as well.

One question as well with this sector in particular but likely apply overall, is how old is the labor force for the financial services field locally? Since if its an older workforce, it would be easier to absorb displaced workers since there will be more turnover due to more people retiring and needing to replace those workers.

imperialmog wrote:I'm guessing that any job losses will be quickly absorbed due to the size of financial services sector in the metro area. More than the number of people who will lose their jobs get hired or replaced every year in the field here. If you had to pick a time for a downsizing this would be better than most, due to the size of the sector here and tight labor market in the field locally, so it won't be hard for anyone displaced to find local employment in the field. Also with the growth in startup activity here a few might start their own companies as well.

One question as well with this sector in particular but likely apply overall, is how old is the labor force for the financial services field locally? Since if its an older workforce, it would be easier to absorb displaced workers since there will be more turnover due to more people retiring and needing to replace those workers.

I work in the industry. Based on my observations, the operations and compliance workers skew younger. Hopefully TD will retain most of those folks here. If not, they will be in demand at the other local firms.

Based on the low cost of doing business and the depth of the labor pool in STL, TD would be wise to invest more here and less in their other satellite locations.

arch city wrote:Well, $2.2-billion is not exactly chump change. IF Riney kicks the bucket, Riney could do a whole lot for his family - including his sons - in death with this $2.2-billion he's reportedly getting from the sale.

According to Bloomberg News, his net worth should be about $4 billion after the sale. And he seems to really like St. Louis.

arch city wrote:

beer city wrote:Here is a feel good piece from the Post on all the companies that have left StL since 2011 - For the irony impaired, it does not feel good

http://www.stltoday.com/business/compan ... 9b810.html

That being said - I think the press and the citizenry like to roll around in these failures (or just unfortunate events) a bit more than they should.

I agree. The St. Louis P-D's business writers seem very pessimistic when it comes to St. Louis. Even their positive articles and commentary come with a lot of "buts".

The most obnoxious aspect of this slideshow is that the St. Louis Post-Dispatch hasn't compiled a list of firms and corporate offices that have moved to St. Louis since 2011. Where's the balance? Many have set up their North American HQs (or have expanded) in St. Louis.

Let's see if the P-D can produce a slideshow of the companies that have moved to St. Louis.

I picture that is due to the local mindset that pops up in older generations (say those born before the late 70s at the latest). Tends to be focused a lot on the past and think its the model for the future. Nostalgia and parochialism tends to pop up in such discussions.

Eukanbua Pet Food (owned by Mars) is moving from Nashville to St. Charles on Jan 1. They will share space with Royal Canin that is already located there. I don't have a number on jobs, but I would say it isn't a bunch. Anyways, I just wanted to pass it along.

^ That seems to be part of the trend of pet food companies locating here. That seems to be one of the market niches that is concentrating here. I remember a couple other pet food companies relocating here in the news lately.

Somebody should put together a list of companies that have moved here or local companies that have made major acquisitions. Send it on to the PD and demand equal time.

I was recently browsing HQ's of various fortune 100s, and I saw that Century Link is HQ'd in a tiny Louisiana town. Would be cool if STL tried to scoop them up, even though they are not looking.

Boeing moving 500 "support position" jobs to St. Louis

http://www.stltoday.com/business/local/ ... 508a1.html

Great news! Glad to see some jobs added, versus the losses at Scottrade and Lord & Taylor.

Should be decent paying jobs too so a nice win for the area

Well this sucks: Boeing moving defense HQ from St. Louis to Washington.

http://www.stltoday.com/business/local/ ... e=comments

GoHarvOrGoHome wrote:Well this sucks: Boeing moving defense HQ from St. Louis to Washington.

http://www.stltoday.com/business/local/ ... e=comments

This is a tremendous blow to the region. I hope this isn't final, and that the state intervenes here. Any word on how catastrophic the job losses will be?


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It's a few dozen executives. Relax.


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downtown2007 wrote:It's 12 executives. Relax.


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Misread the headline, thought they were moving the entire operation. Still a loss however.


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