Adding that layoffs and related steps are “the nature of combinations like this,” the CEO said Schwab is “going to look to make every decision we can based on...
https://www.thinkadvisor.com/2020/10/28/schwabs-bettinger-more-job-cuts-ahead/
6 replies (most recent on top)
Most of us tech folks from Schwab in their 50s still program in Cobol. We used to do Fortran of all things, but it's still better than Pascal I suppose. We, dinosaurs, have no idea what is a private cloud, public cloud (white thing in the air?), microservices (we do mega-services and think big), Web API (Internet Information Superhighway API?), API Gateway (who needs gateways or APIs when you can just link a DLL and COM), Spring (no one here is a spring chicken and it ain't your father's IoC), and so on. But I digress. What's the point? I forgot. I'm like Biden on Depends now. Different Strokes like Gary Coleman.
Typically there are multiple phases that occur over a 24 month period. Initially it is the management phase, followed by the retail call center and branches phase; largest percentage and must occur before 12-31 of any given year. Then the determination of which IT platforms will be kept and/or implemented. Based on those decisions, the IT staff will see a reduction as platforms complete a migration, conversion or be drawn down. That typically took 18 to 24 months, IT staff will trickle out the door.
Listen youngin! As one of those old coots at Schwab "near or in their 50s", i got a good 20 years left and i know the Company like the back of my hand. So don't bother me, get off my lawn, and hashbrown bite me!
@1hym+17Ea12zn same @ TDA. many in tech that were brought on in the 90s and continue to support the same systems with no interest in evolving. it was difficult to look into the future and see them lasting as we moved on to more modern stacks. but TDA didn't cut anyone. Seems even less likely we'll see them at the combined org now. but to be frank they probably don't want to be there.
And a lot will come from the Schwab side. It’s a much older workforce, full of people who got hired on in the dot com boom of the 1990s and are now near or in their 50s.
Of course there will be more cuts ahead. If you thought they were done you're completely clueless. This is going to be happening for the next 3 years or more.