Why announce layoffs with no other info and then let us stress for days over who will be hit and how many will be affected and a myriad of other things? Why not just get it over with right away?
Anything would be better than this wait - even knowing I was let go.
things never change at this place
branch managers r denying they know anything saying they were surprised by the email. it sounds like managers in operations centers were told weeks ago?
There are two types of VPs in Schwab. One type of VP is like a captain in the US Navy. The other type are are actually financial consultants with the title of "VP" so that clients feel important. The real VPs, are like captains in the US Navy. No, I meant aircraft carriers. Oh I don't know what I'm saying. Ignore me.
So they said they will be laying a lot of VPs. I believe that. Financial Consultants have the title of VP. Those are not true VPs.
Limited to grade 60? Yeah, like we have 600 MDs.
Why announce layoffs and make us wait? Would you rather they announce nothing and then you come into the office one day, and then Kobiyahi Maru. You're gone? Hello McFly? Anyone home? Most of us would rather way, a few days, then get totally side swiped. And we knew weeks ago. Most VPs and SVPs had informed their organizations, as this was discussed in a Denver all hands.
The internal email and WSJ article is newer than 2 weeks ago. I talked to a Team Manager, MD, and VP today and none of them knew what was going on.
I had a VP tell me within the last 2 weeks the cuts would be limited to Grade 60 level employees and above. This seems to have changed with the 600 head count announcement.
This is no different from any other layoff. First of all, they are required by law to notify everyone of the layoff. (WARN notice) Secondly, there are logistics when laying people off. They have to decide which departments need cuts, they will tell the head of department (could be vice-president, director or manager), that "you need to choose so many people to be laid off", and then they have to get HR involved as well.
The news was leaked to the wsj. The writer/editor probably gave a schwab a heads up and they quickly sent out that email to control the narrative.
I don’t think they are done with their lists. I talked with my boss, and my boss’s boss within the last 24 hours and both of them were surprised how everything is going down.