Independent broker-dealer cites "this period of unprecedented" dislocation. Independent broker-dealer LPL Financial plans to cut about 275 jobs this month in a bid to trim operating costs in "a comprehensive strategic business review," its corporate parent LPL Investment Holdings says in a 29 December 2008 filing with the SEC.

This comes to about 10% of its staff.

Certain proactive steps

"This strategic business review is designed to best align the strengths of the company's business model with fast-changing market opportunities and challenges, improve overall operational efficiencies and position the company for continued financial resilience throughout this period of unprecedented market and economic dislocation," LPL adds in the SEC filing.

LPL says costs associated with the job cuts will come to about $12 million.

In a related media statement, LPL says that it is "on a solid footing operationally and financially," but notes that its "longstanding market leadership" obliges it to position itself "for continued financial resilience by taking certain proactive steps at this time."

While making the job cuts LPL says that has also acted to "preserve resources that will help the company to maintain its standards of frontline service excellence."

LPL staffers got word of the job cuts, which are to be completed by the end of January 2009, on 28 December 2008. -FWR

Purchase reproduction rights to this article.