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Some teams face immense pressure to meet deliverables, I wonder, how can we sustain this momentum.. and Managers find themselves in a challenging position, especially when "eliminating layers of hierarchies" is also brought into the equation.
Re: why layoff employees vs. contractor reduction… they stated in the Q2 earnings call that the $500m in newly identified expense savings was to be recognized before year end.
They said the original $500M is based on integration and will be recognized through out 2024. I’m assuming majority of contractors are supporting IMO. I interpreted that to mean full time reduction now and phase out contractors / imo employees over next year.
The letter Rick read (right before Peter came on) - was that written by his assistant? Seemed like a corporate template (that he still struggled to read with any interest)
Peter is a much more confident and engaging speaker than Rick. Even when he’s going over boring numbers, versus reading what should have been a moving letter
How much cotton and marbles did Rick have in his mouth today?
This is the guy that's the heir apparent? The future is blight.
So from what I heard………those who are in locations that are closing/downsizing don’t have anything to worry about and can perform their jobs 100% remotely with no issue/impact to career growth, etc. On the other hand, everyone else must RTO 3 to 4 times per week on specified days because collaboration in office is the only way to progress their careers….yeah, makes perfect sense.
Do they even hear themselves?
Rick, you sound just like a politician. Keep focusing on The Client and you will soon have only mediocre employees to service those precious clients.
“Tune out the noise…….focus on our clients and do your job”. Yeah…..kind of hard to do when we don’t know if we will have that job much longer. Thanks for the empathy, Rick.
Survey for the Summer Corporate Update is out!
In some leadership calls, they specifically said SF will be kept for EC only. If people are hearing otherwise, so much for transparency.
Well I think we've all seen enough. Bring back Moglia.
McKinsey…where have I heard that before?!? Oh, that’s right… another Most Admired company called Enron! Everything makes sense now. Thanks Rick!
@nks+1nMEL9rK Which org chart are you looking at? The Schweb shows 35k
The real estate in SF is set to be abandoned. The lease is being broken and the fee for breaking the lease will be amortized over the next several years offset with cost savings by leasing a smaller building. This was hinted at in the PL meeting earlier this month. To the best of my knowledge they will not make a formal announcement until the new building location has been identified.
@nle+1nMEL9rK, the McKinsey remark was off key. In Schwab many people will have no hand in their fate. They’d be laid off due to position redundancy rather than high performance.
@rui+1nMEL9rK he is not fit to lead*
+100
"EC should lead by example and relocate to Texas. Done, problem solved. Savings on one of the most expensive real estate towers in SF."
New York Times Broadway Theatre reviewers would write, 'it was tone-deaf, contradictory, and hypocritical"
Rick did not want to be there on stage. No poker face at all. He is not fit to lead through a banking crisis.
What a waste of time
Rick is going to cause Chuck to have a heart attack trying to run this company. No shot this ends well for Rick if he’s the next CEO.
- 9k FTEs.
This livestream chat was the best part of the corporate update. Thanks y’all!
“a company called McKinsey!”
End of story.
Bottom line: stay positive, ignore the rumors and do your job while we figure out who to fire. Make sure we have a great client conversion so we can make bank. F##k that. I hope it crashes and burns. You can only abuse your employees so much. We are entering the f around and find out period.
"If I'm impacted I can hold my head high knowing I honored Schwab". This is a cult.
@fxn+1nMEL9rK
Org chart today shows 39,880 employees, so more like 8.6k in layoffs to get to 31.25k.
@mgl+1nMEL9rK cognizant is showing a 60 person layoff in austin next month...
What happens to 15k contractors? Shouldn’t they be first in firing line? Why touch the 35k FTE?
JUST listen and LAUGH - they are paying ALL of us to listen to their BULLSH-T.
The dinosaurs need to retire. Wtf given massive cultural shifts are they talking about ADDING real estate?!?! Also, cubes?!?! Welcome to the stone age.
"Let me tell you about one of our clients I ran into two Fridays ago who was going through an extremely difficult time in her life. You see, she just inherited 50 million dollars..."
The future is very bright. You may be losing your jobs, commuting hours a day, your location may have just been closed. But I plan on installing a Scrooge mcduck style cash pool in my mansion with this years bonus and you all can help make that happen!
This is BRUTAL
Did they tell us the percentage of people being laid off? No
Did they tell us when the lay offs would be happening? No
They need to stop saying we’re answering your burning questions…
Just wasted an hour of my time that I could be tending to the clients they so badly want us to tend to face palm
Did they just slip out that we would have about 25K people in the offices, and up to 25% working from home or remote full time, that would be 25,000 x 1.25 = 31,250 post layoffs. if we have about 36K employees would that mean about 5K in layoffs?
The future is bright, folks. Focus on clients and the rest (layoffs) will take care of itself.
Is the other Rick sleeping while seated?
@kod+1nMEL9rK Great question, not sure if the CFO would be the person approving those terrible bond purchases. If so, then Peter cost the company billions and brought Schwab to the brink of insolvency when the entire US knew rates were rising. Does anyone know what team/who approved the continued purchases of toxic bonds?
I opted not to listen as I didn't want to bump up my blood pressure this morning. Sounds like it was every tone-deaf, contradictory, hypocritical thing I knew it would be.
Rick is not CEO material.
So far what I've heard: "Profits are great! But not enough is lining our pockets.." -EC