Penson Worldwide Announces Strategic Initiatives to Reduce Costs & Debt, Increase Profitability & Capital
Penson Worldwide, Inc. (NASDAQ: PNSN) today announced it has begun implementing a series of strategic initiatives to reduce costs and debt, increase profitability and capital, better position the Company for growth, and enhance shareholder value.
Generate an estimated $24 million of annualized cost savings and/or reduced operating losses. This is in addition to the previously announced $7-$10 million in annualized savings from the Company's original agreement with its strategic partner, Broadridge Financial Solutions, Inc. (NYSE: BR).
Generate more than $100 million of regulatory capital through asset sales, improved utilization of existing capital and other initiatives. This includes capital expected to be released, as previously announced, when correspondent TD Ameritrade, f/k/a thinkorswim, converts out to self clearing, which is now expected in the third quarter.
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