I have good word that VPs have been working on a first draft list of candidates to cut. The directive is targeting a huge 10% reduction from current levels, which is about three times higher than our last round last year, with 600 laid off. Good luck Schwabies. Make sure you get your affairs taken care of soon.
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Someone please do the needful and provide status on layoffs. We have doubt. Do needy to correct doubt.
I certainly hope the VP of Schwab Integrity Unit doesn't chime in here again. Last time that happened, an entire thread got deleted because that VP published their full name.
@svgf+14gkjQeJ
As a 60, I am a TP.
@kdfj+14gkjQeJ
As a 60, were you a TD, MD, MP, or SMD?
Can someone please explain what "I have a doubt" and "do the needy" means?
Level 52 here. I heard from a colleague, who heard through a SMD, who knows a VP, that heard from a SVP, who talked to some EVP, that layoffs are coming. I'm in STS, but work as a janitor. I know I'm just a 52, but am I allowed to chime in? We don't seem to have any level 60s above chiming in, so I thought what I heard is the next best thing.
There is another new thread that layoffs are on hold, possibly indefinitely. Does anyone have any actual information on this? Level 58 and below need not chime in. Ideally you will be level 60 and above. 59s chime in if and only if we don’t get any grade 60s and above replying. It would be best if officer level in the know speak first. Go.
Layoffs are definitely happening this Friday. The good news is we have over 200+ vacation hours now.some us hit 250 at least.
Are layoffs still happening this Friday?
Hi, I was a casualty of the Sept 2019 layoffs. The 60 days notice and severance was really good, I paid off some bills and saved the rest. I was also able to find a job within the same quarter I was cut (I was a 60 BTW). Looking back, most of the leaders there were either afraid (I wanted to say incompetent), out of touch, afraid of the 'new', and settled in their own little spot... it was a 70s and 80s leadership mentality.
Anyhow, you cannot put a price on happiness and peace of mind. I did work with a lot of good people, I also worked with a lot of over worked insecure unhappy folks. There are better things out there. You make your career, not the other way around. Control your destiny my friends. God bless you my friends.
The person who said that there are lists for 5%, 10%, 15% and 25% does not sound credible. But it does sound credible that vps are making lists. You don’t know until you know, but I’d assume there’s a package and then you can apply for unemployment. And you may also be getting that stimulus check so hopefully everyone will be ok. I know it’s tough to think of being laid off during a pandemic. Best to you all. Most important is stay healthy.
Does anyone here have any definitively answer to the question if we will have layoffs and if so then when? And please, more about star career path trajectories. Most of us are just mediocore and are not bucking for a grade 60 promotion, or principal position. Obviously the star accelerator in this forum is moving on up in their career which is great. But most of us just want to know if we will have a job in a few months and if we can put food on the table for us families. So please. If you are a SMD or higher, and have information you can share, help us out. Please do the needful. Because we really need this.
I hope for the best for the schwab folks. Ensure you have your affairs in order in case you are no longer happy at Schwab (this should always happen regardless). Peace of mind and self respect on top of any behind door conversations between over paid soft phony execs that could dictate the direction of your professional future. You always come first. :)
On a separate note, I've seen several postings here from a low level employee about his/her 'career trajectory path'. This lo_se_r have made this mentioned a handful of times in these forums. To that person, no one cares about your career 'trajectory' assuming it's true. You are how you threat and talk to others when there is pressure. Stay in your room with phone on hand while looking down at it reading this, no one cares about you 'trajectory'. Know your role, stay in your lane.
Maybe the SMD with all the details should anonymously report his news to the WSJ. My ESPP would greatly appreciate it.
@jdsk+14gkjQeJ
Yes, but that PM head that shocked everyone in the news, went on to do great things. Like founding Piped Piper, and building this incredible enterprise data backup appliance.
Why do some think that high performers won’t be cut? Departments may be combined under a single leader so a manager will be let go, departments may be limited to a single location so anyone in the other locations will be cut, higher paid employees in the role may be cut. Last layoff, a top performer PM head made the news for being laid off. Shocked everyone. Enough of this trajectory nonsense.
On a Saturday? Cool.
SMD here. 2 weeks from today, right after lock down ends. Good luck.
Thoughts on timing? Seems legitimate given the environment and pending TD acquisition, but senior leadership keeps saying there will not be any layoffs and that the company is strong. I can’t see them turning around and laying people off a month later. Especially 10% of the company.
Expect a 25% cut. Lists have already been prepared in a tiered fashion. They have a 5%, 10%, 15%, and straight to 25% cut off list. It's starting to look like a 25% cut at this point in time, but things are fluid.
Remember, those that are cut are usually the under performers. The performers, stars, that are on the right career trajectory, like myself, are ok.
Saw on the news global depression is likely. It seems impossible Schwab won’t lay-off tons of people. Anyone have an update on numbers/dates? A lot can change in a week.
Until we can get the production lines back up, that is production support lines, they will be furloughing everyone. This is an all hands on deck code red. If you have a sabbatical, they are going to make you take it, at home, sheltered in place.
Who is making the lists? Direct managers (Managers, Sr. Managers) or is it higher up (MD, TD, VP)? I’m curious how these decisions are made. My team was recently moved beneath an MD who we haven’t met yet.
Any word on what groups or locations will be affected? Last year's layoffs seemed to hit everyone but some had it far worse than others.
SMD here. There has been some talk about a furlough in another thread, and I can confirm positively that is not going to happen. However, the layoff is coming. We are looking to execute at the end of the month. Lists have already been submitted last week, and VPs are refining, and then kicking it to SVPs for another round of reviews. Anticipation is anywhere from 10 -15% reduction.
There will be no layoffs due to this pandemic and resulting market volatility, but there may be layoffs doe to other reasons such as the Ameritrust acquisition or “gaining efficiencies”. But there’s no point in worrying about it. They are doing the best that they can, but they still have a business to run and a reputation to protect. If I’m let go, I leave and so do the accounts I have at Schwab.
The CEO says multiple times there will be no layoffs, even puts it in writing and emails it to every
client and employeee in the company. If you're still worried, put down the phone and take a walk outside. The sunshine would do you some good.
Invested in our people.
The superior service you enjoy is not possible without our amazing professionals. So we have an equally important responsibility to look after the well-being of the 20,000 Schwabbies that are here to help you. To that end, we’ve made it possible for virtually all of our employees to work from home, and today they are doing just that. This may have some impact on how we do business, like some of our branches being closed for the time being. But we believe you’ll agree that it is worth it to ensure our people remain well.
We have also acted to ensure these dedicated people know how much we—and you—appreciate their service. We are providing $1,000 to every employee under the officer level—the vast majority of our workforce—to help with personal, family, or living expenses right now. We are also temporarily providing additional ongoing pay to many frontline employees, as well as announcing that we are not planning to lay off any employees because of COVID-19 or the resulting market volatility.
What did the email say?
I take it back. Actually we are going to have layoffs.
/s/totally Walt B.
If they were serious about no layoffs, they would have announced a no layoffs pledge like the other major companies out there. Then that would hold them accountable.
There will 100% be layoffs, they just don’t want high or even average performers panicking and looking elsewhere. So that’s why they sent that email.
Announcement from Walt is not entirely true. They may not being looking to layoff this instance, but preparations area already underway. They are already asking VPs to compile a list of people to be cut. I helped contribute to the list in my org.
Email sent to all employees today there are no plans to lay off employees or to freeze new hiring as a result of covid-19 issue or the resulting market volatility. Good news!
Why does it matter where the leak is from. That’s for Schwab leadership to figure out. Unless it’s Schwab leadership who is asking these questions to narrow their list of who may be leaking. If Schwab showed some loyalty to their employees, maybe they would get loyalty in return. Oh well.....
Heard from an SVP yesterday there will be no layoffs due to covid-19. Straight from her mouth
To the original poster: Can you indicate what type of position/grade level you are at Schwab (SM, MD, SMD, MP, VP, SVP, or EVP)?
And how are you privy to this info? Please provide some details without compromising confidentiality.