I'm in senior management. Expect a layoff coming in the next 2 months.
Is this info true? Any more info on it?
20 replies (most recent on top)
@cvff+13PX7rKR
Boy you sure are harsh. Are you a MD or VP? Just remember, no one is immune to layoffs. I'm afraid you may be due for a hard and rude awakening.
@eifh+13PX7rKR
Hard on Schwab? There are executives across the country who have stopped taking pay or have drastically reduced their own salary to avoid layoffs. Those companies care about their employees (and maybe their image) but the more I stay at Schwab the more I realize that execs just see us as numbers. Not people.
When things settle down a bit and if I'm not laid off, I'm job hunting. Schwab will be losing a hard-working & driven employee. But I guess they wouldn't really care anyway. They can keep all the brown nosers who pretend to "work" and continue to strip the values of the company I was once proud to work for.
Wise old Marc Lee at @hkqx+13PX7rKR, does not seem to agree with you.
The so called losers generally don’t get laid off in mass reductions as companies would rather do performance plans and fire them without a package. Why give a “loser” the same package as a winner? Top performers can be let go for a variety of reasons such as location, reorganization, etc.
A lot of you have been hard on Schwab as company. Let us be real for a minute. Schwab is a business. A business is here to make money. If the business is not making money, it takes steps alleviate that problem as best as it can. Unfortunately, this means layoffs in many cases. We work at Schwab to make money. If we get an offer somewhere else the offers better compensation and or job satisfaction, we leave Schwab and move on. It works both ways.
And in reference to person on their high horse of being on the right "trajectory": it can happen to anyone. You may be on the right "trajectory", but in reality you could be crashing back to early like an out of control ballistic missile with no heat shield. Then come back post about your career trajectory.
A financial company should be planning for the worst and have a contingency plan besides wrecking folks lives. Not talking about just Schwab but all large companies.
Here's what I don't get. And not being snarky or malicious just a genuine question.
How does a big company like this not plan for a downturn after such strong years and quarters.
At the first sign of a down turn they let go the "little people" while the high level execs who do the planning stay and take in millions? They're the ones who took it from a company with multiple revenue sources down to one that is dependent on interest rates, strong stock market.
Hey Marc Lee, good luck on your “trajectory”. If you are on the perfect “trajectory path” then you have nothing to worry about in your career, right?
Btw nice missile reference son.
The people that get laid off are generally the under performers. Losers. Those of us that are moving up, along the right trajectory, is another story.
The severance plan is posted on the schweb.
Here is the severance package filed with the SEC
https://www.sec.gov/Archives/edgar/data/316709/000119312509037420/dex10325.htm
2 weeks pay for every year of service
The email said the pay period changes would happen in August - probably to align Schwab payroll with TDA payroll.
I highly doubt this company waits five months for the layoff.
Any idea what areas of the company it would effect? Or the number of employees?
This also aligns with recent announcement where our pay will go from bi-monthly to bi-weekly. We essentially get slightly smaller paycheck, offset by a little more frequent set of paychecks. This aligns with the firm's preparation to do a mass layoff, as a bi-weekly pay schedule facilitates a mass layoff.
Layoff may start as early as end of March. Our share prices tanked from $50 down to just over $30.
EMOST. Austin and SF.
Wasn't aware of the layoff last week. Which group or location did it impact?
There was a small layoff of several in tech last week. Not sure the exact number but sounds like the severance package may have changed to be less than earlier.
Would align with the rate decrease that just happened.
Yes, that is what is circulating among senior leadership. Huge layoff coming in next 2 months of less.