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Ameritrade slashes ad budget, jobs

Published on .

New York--Ameritrade Holding Corp. said it would slash its $200 million advertising budget by 25%, or $50 million, and cut up to 300 jobs, about 14% of its work force. Ameritrade said the cuts were necessary because of the sluggish stock market. Ameritrade's shares closed Thursday at $5.66, down 75% from March 1999, when they were above $25.
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