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Ameritrade

(AMTD) - Get TD Ameritrade Holding Corporation Report

was down 14.8% in late afternoon after saying it will cut 7% of its staff. The move is the second cut this year, after a 9% reduction in January. Ameritrade also said its president resigned March 19 because of differences with the company's founder and chairman.

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Charles Schwab

(SCH)

last month said it would cut as much as 13% of its staff and warned its first-quarter profits will miss Wall Street forecasts. Schwab was down 2.2%.