We haven't seen the worst of the attrition. If I were a betting man, I'd bet on mass exodus in March-April. Retention and/or integration bonuses beyond that won't matter. The company is tone deaf and the talented ones know it. Talent is leaving and... — read more
Looks like November 2nd is the next round of layoffs. Don't have exact numbers, but expect several hundred will be impacted. No word if it will be blue or green heavy. Will post more details as they become available.
I have not inquired in more detail but is it true that all our direct competitors are offering far more generous WFH policies? Maybe Schwaab could try to catch up a bit with the competitors because in case that is true it will not be a surprise if... — read more
They are making it seem like something it's not. They are preaching flexibility but have again changes the wording on the program. Now they are forcing those who are already full time telecommuters to become part of the "flex" program and return to... — read more
WFH is a great benefit in that more time is given to producing the work than having to get dressed and fight traffic to get to office and back. You do save more in terms of gas and car maintenance. However, beware that people who work remotely can be... — read more
It's becoming Schwab green verses Schwab blue. Entire groups are being moved into TDA management without any communication. Directors are putting of walls. Lots of unknowns. Rumors. Again, no communication. Lots of lying. Everyone on the Schwab side... — read more
I would work overtime every day, for nothing, just to not be in the office and keep working from home. I don’t believe there is anyone who looks forward to fake smiles in the office.
Can Schwab do something to stop all my best colleagues from leaving? Maybe they should first examine why people are leaving in the first place? Everything that leadership does in this regard is not effective. This has already become awful. Some... — read more
Title is quite comprehensive.
Someone might say I'm a cheerleader, but I'm not. It's just that before I came here I worked in a company where working conditions are much worse. For now, I would like to keep my job here and I try to be a good performer. However, despite all the... — read more
Title says it all. The number of people I talked to that are still unvaccinated is insane. None of them volunteered for early RTO, but the number I know, and reasons they gave make my hairs stand up.
Has anyone heard of any new rumor or has any new information about layoffs to share? I don’t have any info on cuts yet but I’m preparing for all the possibilities as the quarterly results get closer. I hope there won’t even be a need for them given... — read more
Yet another one of the best performers is gone. It didn’t surprise me too much because it happens all the time that the best ones are leaving. I just wonder what kind of company this will be become when people who are now the best performers... — read more
It’s an open secret that there’s attrition in the financial services industry. Those that left Schwab/TD on their own accord, why did you leave? For TD specifically, what caused you to jump elsewhere?
Can someone explain?
Just like it says.
Talk about someone who should really read the room! I’m sure it was a long and exhausting hiring process for her to get her... — read more
Can the raise they gave keep anyone? I doubt very much that it can. Most people I know intend to leave and can hardly be held back by anything. The best have either already left or are determined to leave. My opinion is that big changes are needed... — read more
If the company RTO isn’t until January 2022 at the earliest with the exception of volunteers then why are branch employees being required to come back? Isn’t it riskier for the company if employees get sick after being exposed to random walk ins who... — read more
Whew wow Schwab just gave 5% raises (which is like almost double the annual raise) to all workers under like the top Managing director level. I had heard that retention bonuses are not working and TDA attrition is close to 30% but… even I am... — read more
There seem to be those who think CS has no choice but to cut people and mostly those who work the hardest... Some of my colleagues who were laid off were cut only because they were a little more expensive... No, CS has other options, but is not... — read more
i know it is early but any news about Q4 layoffs ?
I finally got a new opportunity and I can't wait for this new chapter in my life to start, although it will certainly be unusual for me because I have worked here for a long time. Today I am thinking what would be the best advice for people who are... — read more
None of us are safe from layoffs. Layoffs have sadly become the new normal and they will continue indefinitely. There is no end in sight to this. If you want job security now or at some point in the future, you should get a job someplace else. These... — read more
Charles Schwab cuts more jobs as it integrates TD Ameritrade: https://www.bizjournals.com/sanfrancisco/news/2021/07/29/charles-schwab-cuts-more-jobs-as-it-integrates.html IN THIS ARTICLE Technology Industry By Mark Calvey Senior Reporter, San... — read more
Yes, instead of seeing cuts as a problem, they see them as a solution to all problems... Can cuts, especially the way Schwab manages them, be the solution to the problems here? I don't think they can. They’re just a temporary cosmetic solution... — read more
Is it just me or is Schwab trying to show that they are getting rid off of people who are supposedly not engaged, while they actually cut people whose workload has been tripled in recent months? Yes, that seems to be happening. What’s next, the... — read more
And yes, I got laid off. I would be lying if I said I wasn’t shaken because I loved my job here. CS seems to have decided to prove everyone that loyalty, hard work, engagement, experience, it all means nothing. They devalue everything that no company... — read more
I’m still safe, but I’ve heard that some people have been laid off for whom no one would have thought would be cut.
Got an email from a Schwab side Distinguished Engineer (i.e. senior tech director) who was let go today too. So looks like it's both companies who are trimming today.
It seems to me that after every round of layoffs at CS going back 2 years or so, there are more and more of those who want to be laid off. I am one of them. I used to really worry and try to save my job, but now I hope to be the target. Why? Because... — read more
My problem is I let myself stay too long and the only thing I know is CS. I became too comfortable, too complacent and now I’m afraid to try something else. It doesn’t make me a bad person. No matter how much I now dislike the company my fear of... — read more
Does anyone have reliable info on this?
One week to prepare? I don’t know exactly how much it is possible to prepare in a single week. I’ve been preparing for a long time because I know there’s no logic when it comes to layoffs. A colleague of mine, that no serious company would ever... — read more
Good leadership is transparent with employees but we are almost always left in the dark about what's going on. If there are going to be cuts I'd rather know in advance and be able to prepare than find out on the day off and be caught with my pants... — read more
Schwab has been busy forcing out branch personnel (BM, FC, FCP, AFC, CRM, CRS) across the network for “policy infractions” which allows them to continuously let people go outside of mass layoffs without any severance package.
…any updates on August?
Some think that technology-led innovation does not make much sense for banks in general. I still think that CS specifically should invest more innovative efforts in this direction... Do you also think that CS is stuck in the past and is not... — read more