LPL Financial announces layoffs at San Diego office

February 20, 2026 - 07:40

LPL Financial, a major independent broker-dealer, has confirmed a reduction in its workforce at its San Diego headquarters. The company filed a notice with California’s Employment Development Department, indicating that 72 employees will be affected by the layoffs.

The move is part of a broader strategic review aimed at optimizing the firm's operations and aligning resources with its long-term business goals. A company representative stated that the decision was difficult but necessary to ensure continued efficiency and to better serve the needs of its financial advisors and their clients. The layoffs are not expected to impact the firm's client-facing services or its overall commitment to the advisor platform.

Affected employees will receive severance packages and outplacement support to assist with their transition. The company emphasized its ongoing investment in key growth areas and technology, suggesting the restructuring is focused on positioning LPL for future success in a competitive financial landscape. The San Diego office will remain the firm's central operational hub despite this workforce adjustment.