Thread regarding Charles Schwab Corp. layoffs

Leakage

If it is in fact true that the only reason any of us have heard about these layoffs is due to a “leak” to the WSJ, than I have a whole new perspective of the ethical standards of Schwab. First off, thank you to the Whisper-Blower for getting it out. Lastly, it sounds to me as if Schwab was going for a sleaze-ball blitz attack in its own employees, until it was compromised. —- If I make it through this, I’ll be sure to take the smoke and mirror speeches of the quarterly meetings as just that.

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Post ID: @OP+1154zPKe

27 replies (most recent on top)

Schwab culture has changed for the worse. I work there and i have seen it with my own eyes. They dont care about their employees. They make that painfully clear every day. They keep outsourcing and laying off people, yet the work remains the same and their employees have become burnt out. Everyone is stressed due to increased workload and pressure. This was once a fine company but this place has become a brutal, hostile work environment.

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Post ID: @1nej+1154zPKe

Pull the quote for SCHW. It’s NYSE listed NOT NASDAQ. This is easy to research people. We don’t need to look at old articles from a decade ago.

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Post ID: @1fkg+1154zPKe

I think @1154zPKe-ijn had it right, but had a typo or auto correct issue. Instead of OFAC, probably meant OFUC.

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Post ID: @uhh+1154zPKe

It really doesn’t matter, cause I think @1154zPKe-ijn made that whole thing up or mixed it up with WARN act.

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Post ID: @dpz+1154zPKe

From 2005

Charles Schwab common stock will cease trading under the symbol SCH on both the NYSE and NASDAQ on December 19, 2005. The stock will begin trading on the NASDAQ National Market under the new symbol SCHW on December 20, 2005.

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Post ID: @tnv+1154zPKe

Schwab is listed on the NYSE not NASDAQ

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Post ID: @apa+1154zPKe

Umm, actually SCHW has been a NASDAQ stock for years. Used to be NYSE.

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Post ID: @mxj+1154zPKe

@1154zPKe-awa And the professor there totally missed the NASDAQ part. Schwab is listed on the NYSE, professor. LMAO.

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Post ID: @tmj+1154zPKe

Someone questioned how laying off 600 will save the company money.... MDs and TDs typically make average $200K base, not including bonus at least 15%. Factoring in a mix of Senior Managers, Senior Staff and other grades, this estimates out at 600 X $200K = $120M a year. Nothing to sneeze at.

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Post ID: @kch+1154zPKe

@1154zPKe-ijn WTF does OFAC have to do with this? OFAC deals with controlling foreign assets to hinder terrorism, d–g trade, etc. I know it’s fun to use buzzwords and acronyms in comments, but come on!! Someone didn’t pay attention during their annual compliance training. LMAO

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Post ID: @awa+1154zPKe

Public companies must disclose major head count reductions. It's a FINRA regulation, and Schwab must comply with all OFAC rules, or risk getting delisted on NASDAQ.

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Post ID: @ijn+1154zPKe

My boss told me ~ a month ago that this is coming. Does that mean I’m getting axed? I can only hope.

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Post ID: @tvx+1154zPKe

This was warned in an executive email about the 2 to 3% cost cutting email that came out during the summer. Your management should have been communicating that this was coming. I guess all organizations across the company aren't as transparent as others.

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Post ID: @afq+1154zPKe

600 is the amount of people that work in Richfield alone. That’s like losing an entire office.

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Post ID: @fry+1154zPKe

They have to disclose because of thelayoff dot com... all journalists are reading threads here

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Post ID: @ofo+1154zPKe

The FW campus is beautiful and the area is great. Jobs are plentiful. If asked to move here, you should strongly consider. Lots of culture, no winter and affordable cost of living.

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Post ID: @mwr+1154zPKe

Oh brother, do you think this is their first rodeo? They know the press is going to contact them. Furthermore, they are required by the WARN act to give employees notice if it is over 500 people, so be grateful you were warned, rather than completely caught off guard. The Executive Board sent out an email months ago indicating this would happen, so no one at Schwab should be surprised, and if you are, you are living under a rock...or you are a millennial.

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Post ID: @jcj+1154zPKe

My floor impacted. The way in which this is handled said everything you need to know.

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Post ID: @rdg+1154zPKe

It is a really big mistake to think everyone has the same ethical standards.

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Post ID: @htp+1154zPKe

The 2k number came from people misinterpreting that we were foregoing hiring for about 1500 positions plus laying off 600. There is truth to it, but it was misunderstood.

Additionally, people were notified on Monday. I saw emails about 3 SVPS, 1 VP, 1 MD, and 1 SR MGR.

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Post ID: @dic+1154zPKe

If you can get out now —it’s a really good thing!

You are free to do something else with your time and life. Some folks were asked to move to Fort Worth, TExas, unless you are from there - NOBODY wants to live there voluntarily.

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Post ID: @vsw+1154zPKe

Regarding the 600, it is in the text of our latest financial report. We would not make up things there.

“Last Tuesday, we notified our employees that, based on this review, we have decided to eliminate approximately 600 positions, or 3% of our current workforce. Impacted positions span all staffing grades, as well as organizations and locations across the company. These actions are expected to result in pre-tax charges of approximately $60 million in the third quarter of 2019.”

https://content.schwab.com/web/retail/public/about-schwab/schw_aug2019_press_release.pdf

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Post ID: @kii+1154zPKe

Management told us that the initial leak was 2000, but that it was wrong. I honestly don't see how letting 3% of the employees go can drastically save the expenses of a multi-billion dollar company, who also happens to be building campuses and buying segments of companies, especially if they're cutting across all pay grades. Something smells bad.

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Post ID: @ued+1154zPKe

How do we know if 600 is the right number? WSJ took that directly from the company. I’m not convinced that it’s accurate considering people here were calling for 2-4x that figure.

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Post ID: @mpo+1154zPKe

Agree, they will probably be more discreet and not give a heads up for the next layoff.

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Post ID: @crv+1154zPKe

Couldn’t agree more. Walt did mention it in a town hall in Denver weeks ago, then someone leaked it to WSJ prompting the email. I don’t know why he felt it was appropriate to discuss this with one center then only announce it once the media had it. All kinds of shady and disrespectful.

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Post ID: @krp+1154zPKe

Someone in a post here mentioned talking to the WSJ. Through our customers eyes by backstabbing our employees.

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Post ID: @krh+1154zPKe

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