The estimate is about 2k will be laid off in January February 2021 time frame. Business units have been quietly telling employees for weeks to prepare. It will be bigger than September 2019 layoffs. It is absolutely happening.
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I am a SMD. Soon to be just a D, provided I survive the cuts. Guess I should not complain as all the EVPs, SVPs, and VPs all become MDs as part of the normalization with TDA. And I'm not saying they become doctors either.
Anyways, confirming layoffs are commencing. I've already approved and confirmed the list a few weeks prior, and this got kicked up the chain.
Good luck all. This is going to be big.
The cuts will be happening Monday and Tuesday next week. Technology will be cut heavily.
@Xllg+18hgf1hE came here to ask the same. with a corporate update scheduled for Wednesday, i predict cuts will happen early next week.
This thread has been very quiet. Is there any new news out there regarding the next round? I'm in STS and haven't heard a peep from anyone.
Several department all-hands meetings are set (mine and others) for dates ranging from Feb. 8 to Feb. 16 - likely occurring AFTER layoffs.
The most recent post below this is accurate
Target date of next big round is February 16. STS will be cut heavily.
BU is short for business unit. MTW is what you are looking for. Which means mum's the word. AFK means away from keyboard. While AFAIK means as far as I know.
@6ysc+18hgf1hE thanks. sounds a lot like the bloat we saw at TDA over the years. we just never had the cajones to sever folks. though it seems we did run a lot leaner.
Few reasons. There's the wasteful buildup of offshores that aren't pulling the same weight as onshores. There's the onshores that have been around forever and gotten stale while collecting fatter paychecks. There's the spreading thin of BUs to take on too many SVP pet projects. There's the increase in filler roles (agile coaches anyone?). There's the struggle to bring on new talent when the rest of fintech is offering better incentives. Mostly it's that here at CS budget trumps need every time. Do more with less and all that.
Full disclosure: I'm in 'STS' over on the TDA side and therefore very naive, but every impression we're getting is STS is in dire need of resources. how can they concurrently be planning cuts?
Mid-level leader in STS here. The company is being extra hushed about layoffs after the 2019 event got leaked in advance. With orgs getting ready to do their planning for the next year there have been comments dropped by peers in prep meetings about potential Q1 or Q2 reductions. No one can come right out and say it but when you hear VPs mention possible changes in budget or staffing for some of the high priority projects chances are something is up.
Which depts are being told? Haven’t heard anything but suspected this would be the case
BU’s = mum’s the word.
How are they being quietly told? I was a victim of the September 2019 layoffs and my group was told in an emergency meeting that company layoffs were happening. Now, I didn’t have to be an Einstein to realize my manager knew our group was going to be affected, you don’t call an emergency meeting right before everyone’s leaving for Labor Day weekend because some people in cashiering are losing jobs.
Anyway, it wouldn’t surprise me that they’re doing layoffs early 2021. Things were too rushed post merger to do large layoffs before end of year 2020.
How do you know? Which Departments will bear the brunt? How many from Schwab? How many from TD?