TD Ameritrade Cut Marketing as CEO Says the ‘Fish Weren't Biting’
- Shares pare loss of as much as 5.5% after quarterly results
- Trading still low, though may rise on investor FOMO: Hockey
A pedestrian passes in front of a TD Ameritrade Holding Corp. bank branch in New York, New York.
Photographer: Gabby Jones/BloombergThis article is for subscribers only.
TD Ameritrade Holding Corp. trimmed digital advertising spending due to a lack of interest from retail investors, according to chief executive Tim Hockey.
The online broker and wealth manager keeps a base level of spending and needs to see interest to ramp it up, Hockey said in a phone interview after his company’s conference call. This past quarter, “the fish weren’t biting,” he said, noting that 70 percent of TD Ameritrade’s marketing is digital.