Ameritrade Business News

[damonhynes]

Pretty big blow to Omaha, doubt many jobs stay in Omaha. Seldom has Omaha faired well in these mergers and Acquisitions. Texas the big winner again. At least they can’t move the building. Be interesting to see what happens to the Eco-friendly former headquarters building as it is such a dominant feature of the West Dodge/680 hood.

They'll put in a Five Below or Rush Market, lolol.

Seriously, they can turn it into a honest office building, but it'll cost someone a lot of money. Employee parking will be a major pain in turning it into multi-tenant.

Is the parking there bad now?

About 80% of the spaces are in a garage on the south side of the property, with building entrance on the south side of the flat two-story building next to the skyscraper. The walk isn't too bad if you work in the low-rise, but it's a haul if you work in the skyscraper. Problem is that there isn't too much parking on the north side, where the workers in the high-rise--the building most likely to be partitioned--would be entering.

[damonhynes]

In case anyone wants to read a rant from my time there:

https://cycloneranger.wordpress.com/201 ... ompany-go/

[ita]

Omaha can't keep losing these large employers and only replacing them with small start ups.

I suppose they'll keep some token low paying jobs here since that seems to be all we can keep here.

This is an opportunity for the Chamber and City to show what they can do in terms to parlaying this unfortunate event into something positive. With 2,300 employees in Omaha, if there is a sizable workforce reduction here, that opens an opportunity for the Chamber and City to get another company in the industry (or two) to open an office here to help absorb TD employees that will be let go. The timeline is about two years, so they have some time to prepare for the inevitable.

[Garrett]

Joe Ricketts net worth is up $400 million with the announcement. So glad the governor and his family are looking out for Nebraskans.

[OmahaFan]

Curious could we move some government offices inside. I know the Omaha Police HQ is quite old and they need a new HQ soon. Regency is quite central now in Omaha. Plenty of room for the department to expand. Maybe even City Offices down in that area. We could also mount a nationwide campaign to attract a corporate headquarters to Omaha?

I kinda see it now a nice shining Omaha police badge with the words “Omaha Police Headquarters” in blue LED lights. Where the TD sign is at. We could house the Police , Fire and maybe the city’s HR office down there.

As for Corporate HQ’s I would aim for a well established tech company or investment company.

[damonhynes]

Joe Ricketts net worth is up $400 million with the announcement. So glad the governor and his family are looking out for Nebraskans.

I bet Pete's stock is in trust while he's in office. Get your Ricketts straight :-) Anyhow, there is no law that a citizen has to do anything with his or her money to please any one person.

[OmahaFan]

Joe Ricketts net worth is up $400 million with the announcement. So glad the governor and his family are looking out for Nebraskans.

It’s quite sad but we could make this into a big win for Omaha if the City plays it’s cards right. We can also move the police HQ down there.

[Garrett]

Joe Ricketts net worth is up $400 million with the announcement. So glad the governor and his family are looking out for Nebraskans.

I bet Pete's stock is in trust while he's in office. Get your Ricketts straight :-) Anyhow, there is no law that a citizen has to do anything with his or her money to please any one person.

I’m aware that Pete is a different person. Still his family, still shitty, and he’ll still be richer for it.

[Cermak]

Does anyone know the square footage of the whole complex ? The low rambling part looks like it could have a lot of sq footage and could be more difficult to lease than the tower. It could take a few years to find tenants. The building itself is very unique and sorta grows on you over time. I’ve never seen another building like it in other cities. Definitely not a cookie cutter suburban highrise. Looks like something you might see in Amsterdam.

[Doctor Fate]

I wonder how big of a workforce will be kept in Omaha? Any chance this becomes an HQ2 of sorts?

[damonhynes]

I wonder how big of a workforce will be kept in Omaha? Any chance this becomes an HQ2 of sorts?

Fort Worth started off with less than 200 around 2008. They were intended to be a 'tornado center' in case 102th & F or Southroads got whacked.

I would imagine that if Omaha kept anything at all--and that's an open question--it'd be a similar size. Maybe 300 or so. And it might not be at Old Mill.

[Cermak]

I wonder how big of a workforce will be kept in Omaha? Any chance this becomes an HQ2 of sorts?

Fort Worth started off with less than 200 around 2008. They were intended to be a 'tornado center' in case 102th & F or Southroads got whacked.

I would imagine that if Omaha kept anything at all--and that's an open question--it'd be a similar size. Maybe 300 or so. And it might not be at Old Mill.

Probably agree with that, some sort of back office operation maybe 200-300 employees and we will get a new name for CWS stadium. Don’t think they will abandon Omaha completely. Really tough last couple of years for Omaha and Nebraska with ConAgra, Cabela’s and now Ameritrade, might be some others I’ve left out. Although ConAgra been about 4 years ago.

[jomaha9]

I could see a larger presence remaining in Omaha. If Conagra was any indication on what to expect from a merger/relocation, we might see about half of the TD Ameritrade Omaha workforce remaining. It is relatively cheaper to maintain a workforce in Omaha compared to other cities and TD Ameritrade already has their campus here. They may leave a larger workforce in Omaha simply because it is more cost effective to do so than relocate more positions to their Fort Worth HQ.

[bigredmed1]

I wonder how big of a workforce will be kept in Omaha? Any chance this becomes an HQ2 of sorts?

Fort Worth started off with less than 200 around 2008. They were intended to be a 'tornado center' in case 102th & F or Southroads got whacked.

I would imagine that if Omaha kept anything at all--and that's an open question--it'd be a similar size. Maybe 300 or so. And it might not be at Old Mill.

Probably agree with that, some sort of back office operation maybe 200-300 employees and we will get a new name for CWS stadium. Don’t think they will abandon Omaha completely. Really tough last couple of years for Omaha and Nebraska with ConAgra, Cabela’s and now Ameritrade, might be some others I’ve left out. Although ConAgra been about 4 years ago.

Considering who is actually paying for it, the stadium should be called the "Long suffering Taxpayers of Omaha" stadium, The LTO for short.

[Dundeemaha]

One of the efficiencies that was directly called out in the Schwab announcement was reduced real-estate costs. It makes it pretty unlikely that they stay in the building after a dramatic reduction in the Omaha workforce. With Todd Ricketts and Trump being buddies, there's no way this gets blocked by our non-existent regulators.

[lonnie]

Regulatory approval is not a slam dunk, and could get quite complicated.

Some could suggest Schwab practiced predatory pricing with $0 trades, which adversely effected TDA's bottom line far more than Schwab's.

[damonhynes]

Regulatory approval is not a slam dunk, and could get quite complicated.

Some could suggest Schwab practiced predatory pricing with $0 trades, which adversely effected TDA's bottom line far more than Schwab's.

Yeah, there'll be a shi tton of class-action suits.

[damonhynes]

I talked to a friend who was at this afternoon's town hall. The press release mentions that the integration will take 18-36 months. However, at the meeting, the associates were told that Omaha workforce reductions will be complete within six months and that once done there will be ~600 former TDA reps left. Some of them will be offered positions elsewhere in the company and that their pay is not guaranteed to be the same.

[BRoss]

However, at the meeting, the associates were told that Omaha workforce reductions will be complete within six months and that once done there will be ~600 former TDA reps left.

Nothing in this statement is even close to being accurate. Please don't spread false rumors.

[damonhynes]

However, at the meeting, the associates were told that Omaha workforce reductions will be complete within six months and that once done there will be ~600 former TDA reps left.

Nothing in this statement is even close to being accurate. Please don't spread false rumors.

I heard what I heard. YMMV.

[jomaha9]

Here is a great article about potential jobs remaining in Omaha after the sale.

https://www.omaha.com/money/experts-sav ... f5742.html

[OmahaFan]

If TD Ameritrade moves out of Omaha the State and City should forcefully take that building back and tear that name off. They don't deserve that building nor do they deserve our support after the tax breaks we have given this company. This is a stab in the back. If they want to keep some workers here that't fine and peachy but they can keep them in a smaller building in some back room. I think that there should now be a little clause in our business tax incentive that would legally bind them to stay in the state for so many years before they can move that includes if they are going to merge with another company. We have been taken advantage of.

[damonhynes]

If TD Ameritrade moves out of Omaha the State and City should forcefully take that building back and tear that name off. They don't deserve that building nor do they deserve our support after the tax breaks we have given this company. This is a stab in the back. If they want to keep some workers here that't fine and peachy but they can keep them in a smaller building in some back room. I think that there should now be a little clause in our business tax incentive that would legally bind them to stay in the state for so many years before they can move that includes if they are going to merge with another company. We have been taken advantage of.

I guess you didn't read the article. Ameritrade met the requirements of the tax incentive. And as for "the State and City should forcefully take that building back and tear that name off."--that's what Venezuela does. Jeez.

[GrandpaaSmucker]

If TD Ameritrade moves out of Omaha the State and City should forcefully take that building back and tear that name off. They don't deserve that building nor do they deserve our support after the tax breaks we have given this company. This is a stab in the back. If they want to keep some workers here that't fine and peachy but they can keep them in a smaller building in some back room. I think that there should now be a little clause in our business tax incentive that would legally bind them to stay in the state for so many years before they can move that includes if they are going to merge with another company. We have been taken advantage of.

If we saw people conducting this kind of activity in Russia we would scoff and call them Oligarchs. Greedy evil corrupt Russian Oligarchs we would point are fingers and exclaim. But when it happens in the good ole USA we call guys like them respected businessmen and pillars of society and Governor even. At the end of the day they are both the same thing. Rich guys manipulating the government and the laws so that they can exploit the masses in order to make themselves rich and powerful. There ain't much difference.

[damonhynes]

If TD Ameritrade moves out of Omaha the State and City should forcefully take that building back and tear that name off. They don't deserve that building nor do they deserve our support after the tax breaks we have given this company. This is a stab in the back. If they want to keep some workers here that't fine and peachy but they can keep them in a smaller building in some back room. I think that there should now be a little clause in our business tax incentive that would legally bind them to stay in the state for so many years before they can move that includes if they are going to merge with another company. We have been taken advantage of.

If we saw people conducting this kind of activity in Russia we would scoff and call them Oligarchs. Greedy evil corrupt Russian Oligarchs we would point are fingers and exclaim. But when it happens in the good ole USA we call guys like them respected businessmen and pillars of society and Governor even. At the end of the day they are both the same thing. Rich guys manipulating the government and the laws so that they can exploit the masses in order to make themselves rich and powerful. There ain't much difference.

On one level, I get what you're saying. My response is that laws are to be taken advantage of. If you don't want actors taking advantage, don't write the law. I'm a small-government guy and you can't offer tax breaks if there are no taxes.

[OmahaFan]

If TD Ameritrade moves out of Omaha the State and City should forcefully take that building back and tear that name off. They don't deserve that building nor do they deserve our support after the tax breaks we have given this company. This is a stab in the back. If they want to keep some workers here that't fine and peachy but they can keep them in a smaller building in some back room. I think that there should now be a little clause in our business tax incentive that would legally bind them to stay in the state for so many years before they can move that includes if they are going to merge with another company. We have been taken advantage of.

If we saw people conducting this kind of activity in Russia we would scoff and call them Oligarchs. Greedy evil corrupt Russian Oligarchs we would point are fingers and exclaim. But when it happens in the good ole USA we call guys like them respected businessmen and pillars of society and Governor even. At the end of the day they are both the same thing. Rich guys manipulating the government and the laws so that they can exploit the masses in order to make themselves rich and powerful. There ain't much difference.

On one level, I get what you're saying. My response is that laws are to be taken advantage of. If you don't want actors taking advantage, don't write the law. I'm a small-government guy and you can't offer tax breaks if there are no taxes.

I disagree what I said would be considered socialistic in nature. I'm simply saying that since TD doesn't obviously want to be here they don't deserve the building they are currently in. Why build a building then 3 years later move out of it? Plus once they leave that building it's going to be a hideous eye sore in West Omaha.

[Cermak]

I’m wondering if the greenish panels could be replaced to a different color (maybe blue) without to much expense or hassle ? Because to me the color of the building will be a constant reminder of TD Ameritrade even long after they have left.

[damonhynes]

I’m wondering if the greenish panels could be replaced to a different color (maybe blue) without to much expense or hassle ? Because to me the color of the building will be a constant reminder of TD Ameritrade even long after they have left.

I've said many times in many forums that the building is a white elephant, the panels are exhibit 666. Price was no object.

I honestly don't know what the panels are made of, but if they were bolted on they can be bolted off. Myself, I'd put them on a cargo plane and send them to Alliance Airport just across IH-35W from Schwab's similarly pale pachydermish joint in FtW. Housewarming gift. Then, replace them with mirror panels.

[buildomaha]

If TD Ameritrade moves out of Omaha the State and City should forcefully take that building back and tear that name off. They don't deserve that building nor do they deserve our support after the tax breaks we have given this company. This is a stab in the back. If they want to keep some workers here that't fine and peachy but they can keep them in a smaller building in some back room. I think that there should now be a little clause in our business tax incentive that would legally bind them to stay in the state for so many years before they can move that includes if they are going to merge with another company. We have been taken advantage of.

If we saw people conducting this kind of activity in Russia we would scoff and call them Oligarchs. Greedy evil corrupt Russian Oligarchs we would point are fingers and exclaim. But when it happens in the good ole USA we call guys like them respected businessmen and pillars of society and Governor even. At the end of the day they are both the same thing. Rich guys manipulating the government and the laws so that they can exploit the masses in order to make themselves rich and powerful. There ain't much difference.

I agree with both sentiments. Business in this country is at its heart driven by greed. That’s exactly what capitalism is built on, the human’s inherent desire to gain more endlessly. In my view, part of the government’s responsibility is to place a limit on this greed when it goes too far. That’s exactly why antitrust was so heavily enforced until the 80s when a man started a decades long mythical ideology of not just trickle-down economics, but an entire trickle-down society.
The reason mergers of this magnitude are able to happen is due to the fact that the wealthy have bought politicians (on both sides), lobbied relentlessly, and bought their own people into high ranking regulatory positions to slowly chip away at the accountability the government gave them, lower the effective taxes for themselves, and take away the rights of workers and their benefits.
Nobody at the top of either of these two complained gave a single second to think about the effect on the people who’s lives will be affected by the merger. And why would they if nobody is holding them accountable to do so?

[Coyote]

Schwab merger agreement includes language sought by Joe Ricketts intended to protect Omaha jobs

Post-Closing Integration. Parent commits in good faith to seek to maintain, from the Closing Date through the second anniversary of the Closing Date, a level of employment in Nebraska comparable to the Company’s level of employment in Nebraska at the Closing Date, taking into account voluntary attrition and transaction-related integration plans.

[OmahaFan]

You really think that California company would obey such a thing? Nope!

[lonnie]

You really think that California company would obey such a thing? Nope!

Soon to be a Texas company ...

Not sure what "transaction-related integration plans" are, but keeping Omaha staffing relatively the same for the next 3 years seems quite reasonable, basically perform the Schwab HQ move to Texas and merge their software systems ... then finally figure out how best to deal with Omaha as the final step. All which could easily take 3 years. The regulatory approval may take up to 3 years anyway.

Worst case for Schwab, regulators may force them to spin-off a segment of their business, and Omaha could possibly play a role in that.

[Coyote]

What's in store for one of the tallest, greenest buildings in Omaha, tailor-made for TD Ameritrade?

Is it time yet to address the 12-story, sea foam-green-tinted mammoth in the room — more specifically, in the Old Mill office area?

[Omaha Cowboy]

You really think that California company would obey such a thing? Nope!

Soon to be a Texas company ...

Not sure what "transaction-related integration plans" are, but keeping Omaha staffing relatively the same for the next 3 years seems quite reasonable, basically perform the Schwab HQ move to Texas and merge their software systems ... then finally figure out how best to deal with Omaha as the final step. All which could easily take 3 years. The regulatory approval may take up to 3 years anyway.

Worst case for Schwab, regulators may force them to spin-off a segment of their business, and Omaha could possibly play a role in that.

I like what you’re saying here lonnie.. It’s extremely easy for us, given what happened just 4 years or so ago when ConAgra cut out and moved HQ’s to Chicago, to have “sky is falling, worst case scenario” thoughts and opinions over this Ameritrade to Schwab sale..

In the end, business is business. As unsettling as this latest acquisition news is- There remains 1200 Omaha based ConAgra employees today. It’ll be interesting to see where we’re at with Schwab and Omaha 4 years from now...

Ciao..LiO...Peace

[Doctor Fate]

What's in store for one of the tallest, greenest buildings in Omaha, tailor-made for TD Ameritrade?

Is it time yet to address the 12-story, sea foam-green-tinted mammoth in the room — more specifically, in the Old Mill office area?

There was some speculation in the article about the building being able to grab the attention of larger out-of-state tenants looking to expand. That would be interesting, especially with Kiewit and the Lanoha proposal seeking to find large office tenants.

[ita]

What's in store for one of the tallest, greenest buildings in Omaha, tailor-made for TD Ameritrade?

Is it time yet to address the 12-story, sea foam-green-tinted mammoth in the room — more specifically, in the Old Mill office area?

There was some speculation in the article about the building being able to grab the attention of larger out-of-state tenants looking to expand. That would be interesting, especially with Kiewit and the Lanoha proposal seeking to find large office tenants.

Any out of state tenant will have to consider cost and location. It's debatable between Kiewit and Lanoha, which has the better location, but cost would likely be Kiewit's best selling point. It will be interesting to see how much office space TD/Schwab keeps. If a lot goes on the market, we could see a few hundred square feet of class A office space hit the market at roughly the same time between the TD tower and Kiewit.

[NEDodger]

Obvious tragedy job-wise, but this has to be pretty bad office space-wise. It's beyond just Kiewit and what Lanoha is trying to do. There's also the Regency development, the former Civic site, and the office space that is being added to the former ConAgra site.

I've historically opposed a streetcar line (mostly because anytime I see a bus it's 90 percent empty - I get it sometimes a "chicken or the egg" type thing, but it felt like we should see how the rapid line works before committing to a streetcar line....). But if a streetcar line is something that would attract some employers to the area.....probably makes more sense than plopping on additional tax incentives?

[GrandpaaSmucker]

Obvious tragedy job-wise, but this has to be pretty bad office space-wise. It's beyond just Kiewit and what Lanoha is trying to do. There's also the Regency development, the former Civic site, and the office space that is being added to the former ConAgra site.

I've historically opposed a streetcar line (mostly because anytime I see a bus it's 90 percent empty - I get it sometimes a "chicken or the egg" type thing, but it felt like we should see how the rapid line works before committing to a streetcar line....). But if a streetcar line is something that would attract some employers to the area.....probably makes more sense than plopping on additional tax incentives?

Boy the developers and the scamming politicians gotta luv you. You want to twist the Ameritrade disaster into an opportunity to force the taxpayers into paying for a Streetcar under the guise it is the last chance to save the city. Straight out of the playbook of Bush and Chaney when they saw the tragedy of 9-11 as an opportunity to attack Iraq.

[NEDodger]

It's true. They do love me.

And ironically, I'm Dick Cheney. So you can see why I'm using this playbook.

[damonhynes]

Schwab merger agreement includes language sought by Joe Ricketts intended to protect Omaha jobs

Post-Closing Integration. Parent commits in good faith to seek to maintain, from the Closing Date through the second anniversary of the Closing Date, a level of employment in Nebraska comparable to the Company’s level of employment in Nebraska at the Closing Date, taking into account voluntary attrition and transaction-related integration plans.

There are so many CYAs and loopholes in that statement so as to make it worthless.