Charles Schwab Corp. Layoffs

Topics regarding layoffs at Charles Schwab Corp.

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.

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Post ID: @12dKtdmN

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 

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Post ID: @11MJekqo

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 

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Post ID: @117vHXUX

Layoffs already started

Contractors already selectively being let go. There was a meeting called today, it's being called a surgical layoff. High level officers next then moving down. Ironic since they just brought on USAA staff. No timeframe given but September sounds... —  read more 

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Post ID: @10T1PoJP

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 

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Post ID: @1182vCSE

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 

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Post ID: @117QLPw6

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 

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Post ID: @119PSPiK

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 

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Post ID: @11dPxLYS

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 

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Post ID: @118aRI8S

Phoenix Layoffs

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

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Post ID: @117fUNGm

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 

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Post ID: @1179gbF8

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)

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Post ID: @116Fd3Do

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 

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Post ID: @117ki330

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

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Post ID: @117f10Bh

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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Post ID: @117Cm1QV

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 

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Post ID: @117W4z6E

What's the best alternative?

My dad was laid off by Charles Schwab yesterday. He said the severance package was fair but he is still severely stressed out about finding a new job, especially since he is in his fifties and the entire industry seems to be in shambles (his... —  read more 

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Post ID: @116JMW9M

How do they do it?

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

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Post ID: @117vNciL

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.

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Post ID: @118YNJwd

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?

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Post ID: @1171WyW3

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 

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Post ID: @116aCdNo

UOP

So glad I spent the last 3 years “unleashing my potential”. This has been the most depressing, demoralizing, and sad day.

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Post ID: @117jNgQz

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?

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Post ID: @117J6ath

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 

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Post ID: @117bGIlE

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