Online Brokers: And Then There Were...
Joseph Moglia, the new CEO of Ameritrade Holding (AMTD ), didn't waste any time. On Mar. 30, his second day on the job, the former Merrill Lynch (MER ) exec slashed 170 employees from the payroll, a 7% reduction in Ameritrade's workforce. It was the online broker's second round of layoffs this year. Then the company disclosed that, unknown to investors, its president, Jack McDonnell, had quit two weeks before Moglia's debut. Neither McDonnell nor Ameritrade would comment on the abrupt departure.
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