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
Charles Schwab seeking 1,000 new employees in DFW area: https://fortworthbusiness.com/banking/charles-schwab-seeking-1000-new-employees-in-dfw-area/ Years ago when Schwab moved from San Francisco to Phoenix Schwab didn't close shop in CA on... — read more
I remember when I first got hired, I was proud to be able to get a job here and I appreciated it to the maximum. I approached the job as seriously as possible, I thought that CS is a place with very professional employees from whom I will be able to... — read more
Was it really wise to call the Employee Integration People Manager Q&A tinyURL EmpCutQA?
Expect more rounds of staff exits as Charles Schwab continues its integration of TD Ameritrade, Schwab Advisor Services head Bernie Clark told reporters on... — read more
What kind of attrition do you folks expect from TD/Schwab to Fidelity, Robinhood, and others in the next year over return to office? https://www.zerohedge.com/economics/more-workers-are-quitting-their-jobs-instead-returning-office
Is today the day we get our new titles? Any chance of layoffs today or are we still thinking August?
Reminds of of Star Wars, between Fin and the hot shot pilot guy. General. General. Thank you General. They are all generals. We are now all directors. Without meaning.
PTO for service > 10 years: lose 8 days a year in vacation. We gain 1 holiday making our net loss 7 days. We do gain 10 days of sick time but will be reprimanded if we use them all. Seriously, who uses 10 days of sick time a year. It will... — read more
While waiting for the promotion here, I could've changed several jobs and get several promotions at each one. I’m exaggerating a bit, but I’m really disappointed because I’ve worked harder than many who have received promotion. I’m not saying I’m... — read more
Before coming to CS I didn’t have any great experience. I worked for a short time at two smaller banks and when I got a job here I was thrilled because I thought I would have a lot to learn from older and more experienced colleagues. I was pretty... — read more
Has anyone gotten their “mapping” to Schwab yet? Seems like they are downgrading a lot of TDA people and breaking up very functional teams. :,-( And all people level 57 and under are HOURLY? I have no idea how they get away with that, it is total BS... — read more
(continue the sentence) I know, I know, I can go work somewhere else and no one is holding me back from leaving here. Still, that doesn’t mean I can’t have complaints about this place. My breaking point was being overwhelmed with work. I couldn't... — read more
Based on my current bonus at TDA if they are the same going forward the next two quarters, I will be making less than the year before. I feel if you are dealing with the extra bs daily you should be compensated more. It seems HR at both companies... — read more
The latest round of layoffs has got me thinking about my future at Schwab and it doesn't look too bright. With layoffs now being a constant threat, I think it's time to consider moving to a different company. I'm worried about being able to find... — read more
This company is so horribly non-transparent... After the cuts of these 75 people, can we now be relaxed and believe that there will be no new layoffs until August?
I'm still safe, but no one in this company can feel very safe anymore. I would love to hear from someone at STS here to get some details about the layoffs. Did they choose the best and the people with the most experience or did they give layoffs... — read more
There are more and more rumors about layoffs, but there are not many insights about who will be the target? Any thoughts? I don’t worry much because I’m prepared, and even if I get laid off I would avoid the ridiculous RTO plan. On the other hand, I... — read more
Why does leadership feel like it's okay to tell TDA teams that they're aggressively hiring (especially in tech) as they continue laying off thousands of people? They have so much work but we sit here with nothing meaningful to do. Does anyone at... — read more
Do not work for Schwab. Command and control environment. Take the package and run.
Masks not required on RTO while sitting at your desk. We are not planning on modifying the the office layout. WTF.
What divisions are Tier 2 & 3? I think compliance and AML are the only two I’ve heard about.
They are coming, a few different groups will be involved. Ongoing layoff planning for every quarter, the second Monday – Feb 8 happened, May 10 coming, look for similar in August and November all the way past CD1 in 2023.
Has the manager found an effective and super ingenious way to continue to micromanage you even while working from home? Mine has. It's amazing really. I thought that working from home I would be able to take a break from him since creates abnormal... — read more