Charles Schwab Corp. Layoffs

Topics regarding layoffs at Charles Schwab Corp.

Layoffs are guaranteed, here’s why.

Let’s take a look at Schwab’s $10 billion revenue breakout for 2019: 60% net interest income 30% asset management 6% trade commissions 4% other, including payment for order flow The Fed took rates to zero. NII isn’t going to... —  read more 

Layoffs coming sooner than expected.

Layoffs may come much sooner than expected. Expect mass layoff before end of April. Officers have been asked to come up with initial list candidates to be cut. Rumor floating that they are looking at a 10 to 15% reduction.

Deleted Thread

There was a post from last night about the interest rates that’s no longer here. Wonder if Walt is stirring the pot with the site admins to silence us.

Is this legit?

I'm in senior management. Expect a layoff coming in the next 2 months. Is this info true? Any more info on it?

Ageism and nepotism runs rampant at the firm

The least qualified people are hired to save money. I do not think they understand that any firm can acquire tech and that the most valuable assets are the tenured employees. It is funny and sad at the same time that they do not realize that hiring... —  read more 

More layoffs coming

Wealth Management Reporter at Business Insider 1w · Edited The $26 billion Charles Schwab-TD Ameritrade is the largest securities-brokerage deal on record. Executives have flagged nightmare phrases like "geographic footprint rationalization" and... —  read more 

How many people work at Charles Schwab?

I think the employee count information has to be released to the public. Do you know how many people work here? How about the overall people count at the main location at San Francisco?

People leaving but not a layoff

I have noticed several people (4 in the past month) who have started to leave of their own accord. Maybe Schwab is hoping more will go so they won't need to lay off as many for "synergies". This has become a very unhappy place to work.

What will happen: AMTD & SCHW Merger

I work for TD Amertirade and I wanted to see what Schwab employees expecting to happen as the acquisition is executed. Not sure if you’ve done things like before and if there are any patterns. Any info is welcome. Thanks.

3rd rate cut, more layoffs ahead?

Yet one more rate cut today. Anyone have any info as to future layoffs? I assume there won’t be that Christmas cash or stock bonus like they did the last two years. I assume everyone saw the Forbes article mentioning Chuck gave at least 9 million... —  read more 

How’s everyone coping with the layoffs?

I’ve gotta admit I have spent the last week day drinking and eating pizza and burritos. That isn’t healthy so I know I need to snap back and get my life in order. I’m still in shock, I’m glad I got my sabbatical in at least before the lay-off. I... —  read more 

Charles Schwab Perks & Benefits

Insurance, Health & Wellness Health Insurance Dental Insurance Flexible Spending Account FSA Vision Insurance Health Savings Account HAS Life Insurance Supplemental Life Insurance Disability Insurance Occupational... —  read more 

Layoffs are painful - but a fact of corporate life!

From what I can see, a large number of laid off people have been with Schwab for 20+ years, were making big bucks (>$100K/year and some were making >$150K/yr), and were probably over the age of 50. This strategy is no different from previous Schwab... —  read more 

There are available alternatives

There are still some places that respect their employees and treat them like human beings and assets, not like objects and costs that need cutting. Schwab used to belong to the first group but those days are long gone. One of my former coworkers... —  read more 

SEntry team was layed off

SEntry team was entirely layed off. Really sad. Say good bye to the Java and C based SEntry client libraries.

Keep an eye on the jobs site

The VP of Trading Experiences told everyone in the DS All Hands today that he laid off 7 POs this week, mostly from TX. (he said that's about 42% of the team). He then asked if anyone "knows any rockstars" in Chicago, because ALL seven positions are... —  read more 

How long will the layoffs go on?

I'm not naive to believe that layoffs are going to stop at some point. I'm simply wondering how long are they going to continue at this tempo? Can we expect the layoffs to, at least, slow down any time soon?

Phoenix Layoffs

Any idea for the total in Phoenix? I'm being told over 60, but this is speculation.

Another round of layoffs in Q1 or Q2?

Word I heard today is that the feeling is that Schwab will indeed have another round of layoffs in Q1 or Q2 unless the rates magically rise. Given the climate, that seems impossible. Schwab hitched their wagon to the idea that rates will normalize... —  read more 

How do they do it?

Can someone please confirm how employees are notified they are being laid off?

Total cut by geo-location

I don't have number for all geo-locations, notably Orlando, but this is where we're at today: SF - 40 Lone Tree - 95 Chicago - 25 Raleigh - 5 Austin - 61

Schwab culture has changed for the worse

I work there and i have seen it with my own eyes. They dont care about their employees. They make that painfully clear every day. They keep outsourcing and laying off people, yet the work remains the same and their employees have become burnt out... —  read more 

Is The Purge Over?

With JC’s email about Realigning Retail is The Purge finally over or will there still be more layoffs the rest of this week?

Coaching memo

I got a coaching memo around the beginning of the month and dated to the end of this month, any idea what is going to happen? especially with the coaching memo folks? are we next to get laid off?

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