Well, I’m officially listed as inactive as of today on Broker Check. Anyone else?
Topics regarding layoffs at Charles Schwab Corp.
Anyone else see themselves inactive on FINRA broker check?
Well, I’m officially listed as inactive as of today on Broker Check. Anyone else?
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.
So what happens now with AMTD merger?
Well, that was unexpected. I assume the combined company will lay off people from both sides. Any news from inside either company?
Charles Schwab Layoffs 2020
This thread is for info about potential Charles Schwab Layoffs 2020? Any news or rumors?
Relationship manager job losses?
Just wondering if anyone's heard anything about cuts to the relationship manager role, anywhere, especially for RIAs?
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
Commissions dropped to $0
How do you think this will affect us?
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
How are there new hires if the layoffs are meant to cut costs
There’s a new hire on my team and someone with years of experience got laid off almost simultaneously. They’re different positions but I’m wondering, how are they hiring still if the whole point of the layoffs is to cut costs?
What locations could be hit this week?
Are any rumors circulating? I haven't heard anything.
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
Wave one still happening
Branch closure in Bay Area
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
Was DBC and Cannon Financial also laid off?
With TK gone and all the money wasted on UOP let’s hope DBC and Cannon with its make-believe “CWS” designation were also given notice
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?
Thoughts on this being TK?
Not gonna lie, seems like everything a particular EVP did is being undone as the first wave. FED lowers rates again may or may not be factored into the 600. EC in Indy next week should be uncomfortable... especially in the parking lot that can't... — read more
Lay offs California Schwab
Shame on you!!! You have laid off senior employees that have given their heart and soul! You have chosen poorly. You also have not thought of your clients. I would like to walk into a branch seeing a familiar face. Not only young people who do not... — read more
Sad
Today my father who’s worked for Schwab for nearly 30 years got laid off. It’s really heartbreaking because he’s spent the majority of his life with this company. For everyone who lost their job today, I’m so sorry and I feel for you.
What do you owe Chuck for two weeks pay? Two weeks work.
Never forget that you're not a soldier fighting for a cause. You are a mercenary fighting for pay.
UOP
So glad I spent the last 3 years “unleashing my potential”. This has been the most depressing, demoralizing, and sad day.
Will there be another layoff within 6 months?
Since the FED has now lowered the interest rates today (.25), and this reduction of 600 employees was noted as necessary several months ago, do you think management will prepare for another round and this time, not let it leak? I have already heard... — read more
Numbers don't add up to 600?
Everything I read, hear, and see.... the numbers still don't add up to 600 to date. Am I wrong?
Which departments have received an "All Clear"?
Post here if your department was given an "all clear" for layoffs.
Branch Network
Anyone else in a branch? I’ve seen 2 from our area let go, though I’m sure there are a few more I haven’t heard about yet. No FC’s (so far at least)
What’s the count of laid off people today?
It’s probably not possible to reach an exact number of the people that were laid off, but I was hoping that people could post how many people were laid off at their location and that, in that way, we could reach some kind of a frame number of... — read more
Schwab controls this board - my messages are being deleted?
If you are critical of HR and Management they will delete your posts here - this site is totally controlled by Schwab's management!