San Diego’s LPL Financial, firm it acquired to lay off 152 people this summer
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San Diego’s LPL Financial, firm it acquired to lay off 152 this summer
LPL Financial is laying off 70 people in San Diego starting in August. The losses include 25 types of vice presidents and at least seven other manager titles. In parallel, another round of layoffs at Atria Wealth Solutions, a company LPL Financial recently acquired, will result in 82 job losses here. The layoffs will happen Aug. 22 and only affect part of LPL’s San Diego workforce. The company, which is headquartered here, also has offices in several other U.S. cities, including Austin and Boston.
LPL Financial, with offices in University City, filed a Worker Adjustment and Retraining Notification (WARN) Act notice this month detailing the kinds of jobs that will be eliminated. The roles are mostly concentrated in senior and management levels. The losses include 25 types of vice presidents and at least seven other manager titles. Other jobs categories range from marketing to engineering to customer service.
The layoffs will happen Aug. 22 and only affect part of LPL’s San Diego workforce. The company, which is headquartered here, also has offices in several other U.S. cities, including Austin and Boston.
“Following an extensive analysis, we’ve identified areas where we can simplify and streamline how we operate. This action represents less than two percent of our overall firm and while we have eliminated roles in some areas, we continue to grow and expand in others with more than 360 open roles,” the company said in an emailed statement shared Tuesday with The San Diego Union-Tribune.
Atria Wealth Solutions had previously filed a WARN notice in May announcing the loss of 82 jobs over a 90-day period starting July 4. These jobs will be cut from the company’s office in Scripps Ranch and include positions in accounting, marketing, compliance and trading. Leadership and management roles were also cut.
LPL Financial, a publicly traded company with more than 8,900 employees, announced it was acquiring Atria Wealth Solutions last year for $805 million. Including these San Diego layoffs, Atria is laying off a total of 169 people in offices in Texas and New York.
LPL Financial sells financial insight and services to advisers, banks, credit unions and insurance companies.
The company’s advisory and brokerage assets at the end of May were $1.85 trillion, up 3.7% from the end of April, the company said in its latest financial report.
The company has faced recent challenges. In January it said it would pay $18 million to settle charges by the Securities and Exchange Commission for violations of anti-money laundering policies. And in October it fired its CEO, Dan Arnold, after an investigation determined that Arnold had made troubling statements to employees.