First layoffs in December. There was an agreement to try and keep as much green on as possible as part of the merger. This is first step to try and avoid severance payments.
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That's why they give severance packages. As long as they pay us, for at least 60 days, then what's the difference between a surprise layoff and a nebulous WARNing. In fact, I would bet the surprise layoff results in more work getting done, because the whole company doesn't spend 60 days worrying about their jobs.
It won't be December. Schwab has to keep people on the payroll for 60 days due to the WARN act and then pay the severance. They'll want all of that to hit and close before the end of the year so they can book it against what will be bad 2023 numbers. Expect layoffs to happen by mid-October... conveniently right after they get the numbers on how many people quit due to RTO.
It was an acquisition, not a merger. A merger is an entirely different beast. Of course there will be layoffs, they've all but said so in the past. As Schwab digests TDA, some roles will be eliminated, even with how short staffed everyone feels. If this is a surprise to anyone, you haven't been paying attention.
@wnx+1ncATdO4 highly unlikely exceptions will be first to be laid off. if true, all the more reason to request one.
@wnx+1ncATdO4 Obviously without revealing too much, what’s the credibility of this?
I heard rumors of layoffs as well. The 12% PL, and 18% IC workplace flexibility exception limits are not arbitrary. Those align with the number of people they will be looking to cut. If you request an exception and are on that list, you will be laid off eventually. That makes the decision process easier for them.