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 

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 

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?

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.

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 

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.

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?

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 

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.

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 

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 

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 

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 

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 

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 

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 

Phoenix Layoffs

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

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 

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)

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 

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

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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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 

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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