BOSTON -- Broker-dealer LPL Financial Corp. said to streamline operational costs, it will have to reduce its staff by 10% however the division that serves credit unions will not be affected.

With $233 billion in assets under management, 3,000 employees and more than 11,000 financial advisers, LPL is considered to be the largest independent broker-dealer in the country. The company's LPL Financial Institution Services division serves more than 200 credit unions. LPL Financial spokesman Joseph Kuo told Credit Union Times that the company's workforce reduction will not impact credit unions.

"Given our longstanding market leadership, we believe it is incumbent on us to position LPL Financial for continued financial resilience by taking certain proactive steps at this time, one of which is a reduction of the company's total workforce by approximately 10%," the broker-dealer said in a statement.

LPL Financial said it is "on a solid footing operationally and financially" and "has also taken steps to preserve resources that will help the company to maintain its standards of frontline service excellence."

LPL Financial bought CU-owned broker-dealer XCU Capital Corp. in August 2007.