BOSTON -- Broker-dealer LPL Financial Corp. said to streamlineoperational costs, it will have to reduce its staff by 10% howeverthe division that serves credit unions will not be affected.
|With $233 billion in assets under management, 3,000 employeesand more than 11,000 financial advisers, LPL is considered to bethe largest independent broker-dealer in the country. The company'sLPL Financial Institution Services division serves more than 200credit unions. LPL Financial spokesman Joseph Kuo told CreditUnion Times that the company's workforce reduction will notimpact credit unions.
|"Given our longstanding market leadership, we believe it isincumbent on us to position LPL Financial for continued financialresilience by taking certain proactive steps at this time, one ofwhich is a reduction of the company's total workforce byapproximately 10%," the broker-dealer said in a statement.
|LPL Financial said it is "on a solid footing operationally andfinancially" and "has also taken steps to preserve resources thatwill help the company to maintain its standards of frontlineservice excellence."
|LPL Financial bought CU-owned broker-dealer XCU Capital Corp. inAugust 2007.
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