Legal Day 1 is anticipated to happen during the week of 10/5. Plans for layoffs have been moved to 10/27. However, this is subject to us getting clearance from regulators by that timeframe. Typically those decisions are done at the beginning of... — read more
Topics regarding layoffs at Charles Schwab Corp.
So, it’s September 17th now and it’s the one year anniversary of the 2019 layoffs which occurred on Sept 17/18 last year. As one affected, it s—s more now than it did last year since no one knew what Covid would bring and the once booming economy... — read more
Are layoffs happening or not?
Layoffs confirmed for 9/22. About a 7% reduction in staff. STS will be impacted the most.
I see many opportunities on Schwab Technology area.
Frankly, it'd probably be a good thing for me. I've been wanting to leave for a while now but I'm too chickenshit to actually pull the trigger. Being laid off would take the decision out of my hands and give me a nice safety net with severance so I... — read more
I'm the poster that mentioned Legal talking with outside counsel and gave more details with the two waves. Don't have much more information to provide, besides the TDA merger is immanent, and should happen in a few weeks. Regulatory approval is what... — read more
Does anyone know what the severance package was last year? Rumor is that companies like to do mass layoffs before the end of a quarter, hence last year was 9/16.
By deferring a week of payroll, the company is saving close to $40M by moving us all to the bi-weekly payroll with a week in arrears.
Road to Nowhere by The Talking Heads?
It was announced that thinkorswim is the platform. I called that a while back.
Hear any rumors lately?
I firmly believe the “needful” troll here is Walt. He’s doing it to frustrate us into not posting.
If you have marketable skills, you should be interviewing now. Don’t wait to find out whether layoffs are coming in July, or August, or September. Don’t leave it to some self-interested politician to decide your future. Control your own destiny... — read more
Hard confirmation on huge layoffs in September. This coincides with last years 600+ cut. Good luck Schwabbies.
PortfolioCenter is one of the better plays Charles Schwab has made in a long time and one of the few software products it can be proud of. That old bird could do so many things so well that even long after it was due for an overhaul it sold for a... — read more
This is the real deal. Layoffs will happen at the end of July, and not the week following 4th of July. Lists have been prepared, and word is 10% target cuts. Good luck everyone.
I saw a PowerPoint template of the talent profiles they want us to fill out. It really sounds like they are going to use them to figure out who can get axed. Thoughts?
I'm a SMD. We are confirmed for next round of layoffs for the week after the 4th of July. It will fall on the following Tuesday. Target adjustment of 10% of current work force. San Francisco will be particularly impacted greatly. Raleigh will... — read more
SCHW is in a free fall. TDA buyout in doubt. They will probably need to cut at least 15% in order to sustain. 50 year olds and above, with 20+ years of experience will go first. Good luck.
Can they pull the trigger already? I could use a few months off with some severance...
Evaluations are being done on how to best move HQ operations to TX and have staff either relocate or be replaced This makes alot of sense but i dont think many people are ready for this...
Im suprised at how many staff they have taken on recently without any meaningful work being done! The new Schwab Slices are terrible, digital deccelerator indeed... the website is so outdated and sloppy its embarrasing! Layoff ineffective orgs, hire... — read more
Was there some announcement I missed? I understand speculating, but people are posting like they know for sure it's going to happen.
It was announced that new job families will be created in the technology arm of Schwab, effective June 1. This a prelude to massive layoffs.
STS is changing and realigning job families. This is step one to layoffs, where a lot of unhappy staff, who will be basically demoted in grade and title, but sold as a "realignment", will simply quit voluntarily. This will allow Schwab to bring the... — read more
Anyone have any updates on the coming layoffs in June?
STS, the technology arm of Schwab, will be revamping job family roles, titles, and grade levels in June. This is the start of the layoffs that Schwab needs to do. First, a number of demotions, being sold as "industry standard consolidation". This... — read more
Looks like Schwab leadership has decided that layoffs are no longer needed. They did an evacuation and discovered that layoffs are not needful, and hence forth have decided that the needy need not be performed at this time. They have no doubt. They... — read more
SMD here. Decision has been made to initiate layoffs in mid June. Cuts are around 10%, in order to save money and reduce operating costs. Good luck Schwabbies.
Happy mada day Schwabies! Being a mada is not going to save you. Senior leadership will be laying off all madas before May.
It appears the no layoffs statements by leadership at Schwartz may not be entirely true. Senior has re-evaluated, and even given all the work we currently have with the soon to be completed USAA integration and launch, and the pending work to be done... — read more
So there are so many rumors flying about layoffs coming in May, and then June. All this time our CEO Walt has been affirming no layoffs due to the pandemic. Our CIO and CTO talk about how busy it is and we need all the help we can get with the TDA... — read more
Well our bonus advance is coming out this Friday. That's an extra $1,000 or $2,000, before taxes, depending on your grade. I sure wish Walt and the executive committee would authorize another spot award for us all like back in March. Remember that... — read more
Take aways: Don’t live under fear, life is not only job. Always save some money for unknowns. good to be prepared for worst, but thinking about worst all the time will creates unnecessary anxiety. Peace and blessings to everyone here reading
Word is layoffs will execute in June now, after the anticipated shelter in place ends across all states. I'm a SMD. Good luck all. They are looking at a 10% cut this time.
Schwab glassdoor rating shows 4, hoe come when people feel insecure about there jobs? I feel glassdoor ratings are manipulated and not real. Why they hire more people, when they want to fire loyal staff? This all shows Schwab don’t care for their... — read more
Here people are talking about layoffs, but Schwab has so many .net positions open. Don’t know why you guys feel layoffs coming? Am I not able to see, what you guys are seeing? Can someone share your thoughts 💭🙏
Ok, so reading all the posts here, everything was pointing to huge layoffs to take place today. From what I have heard, no one has been layed off. And all those rumors about lists, at the 5%, 10%, and 15% cut levels. So is this just delayed? Do... — read more
So are we getting layed off or not? Will someone in know please confirm this one or the other. A lot of us here are just hanging on by a thread. I know a lot of people in Schawb getting layed.