LPL Financial, the financial services company headquartered in San Diego, has announced plans to lay off 72 employees, according to a notice filed with the state’s Employment Development Department.
Most of the workers in eliminated positions will keep their jobs until April 17, and some will continue through May 1, an attachment to the Worker Adjustment and Retraining Notification Act notice said.
A request for comment was not immediately answered.
Many positions are in middle and upper management, including five senior vice presidents, 11 vice presidents and 18 assistant vice presidents, according to the Feb. 13 filing. Losses also included 18 jobs with the title of analyst.
The company provides models, fintech tools and other services to more than 32,000 financial advisers and around 1,200 institutions.
In a January call with investors, Matthew Audette, LPL Financial Holdings’ president and chief financial officer, said key priorities include increasing efficiency, refining pricing with an eye on value and improving “the adviser experience by removing friction through investments in automation across our service, operations, and supervision.”
The company, with San Diego offices in University City, had another round of layoffs last summer that impacted both LPL Financial and Atria Wealth Solutions, which was acquired by LPL for $805 million in 2024. LPL Financial had more than 8,900 employees in July.
In San Diego, 2,300 jobs in the sector called financial activities (real estate, insurance, investments) were lost last year.
Robert Half, though, wrote last year that for the U.S., the “size of the financial services market is expected to see strong growth through 2028.” The report found that “demand for various finance and accounting professionals is escalating as companies prioritize staffing for strategic advisory, risk, technology and compliance jobs. However, we also learned that 93% of hiring managers in financial services are facing challenges finding skilled candidates for these and many other positions.”