Thread regarding Charles Schwab Corp. layoffs

What destroyed Schwab culture and brought us here?

Chime in...

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Post ID: @OP+118W7Oo6

13 replies (most recent on top)

VP's and SVP's who wanted to bring in their friends and ignore people who'd been living the job for years....? That the right answer?

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Post ID: @2xsk+118W7Oo6

Imo, it is all about money/costs. Look at all the new hires, mostly lower salaries. It is not about quality any longer. More contractors who are lower salaries too. Schwab only looks at the money of the workers, yet TK got over 3.21 million when she left. Pretty uneven.

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Post ID: @1oie+118W7Oo6

Its very simple. Take care of the client and take care of the people who take care of the client. Everything else will fall into place. Not one leader since Chuck followed that, not one.

Today it's manage the client, control the client and manage out the people that disagree or won't do that.

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Post ID: @hon+118W7Oo6

It’s got nothing to do with Enlighten. It’s got to do with managers who are poor leaders and in the wrong seats. Do your job to the best of your ability, do the right things, and the rest will follow. Chuck, Chuck Schwab is what is missing. His vision and values. His absence has been felt for years. Enlighten is a poor excuse, but all the underperformed will blame it on Enlighten or something else. If you owned the company, wouldn’t you want to know what your people are doing and how you can make their job better/easier? But, I’m sure you’ll insist this is all Enlightens fault. Own your tomorrow!

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Post ID: @fzi+118W7Oo6

Enlighten

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Post ID: @djr+118W7Oo6

Chuck no longer running the company is spot on.

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Post ID: @uts+118W7Oo6

@vfb - on sentry - see below (i disagree that this was consequential, but hey...)

SEntry team was layed off
SEntry team was entirely layed off. Really sad. Say good bye to the Java and C based SEntry client libraries.

about 16 hours ago by Anonymous | 234 views | 2 reactions (+1/-1) | 2 replies (last 2 hours ago)
Post ID: @118YNJwd

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Post ID: @coe+118W7Oo6

DP was the best. He had the best ideas. The brokerage buffet, pay for what you want. Charge fees to make extra money, not being tied to the mercy of the Fed interest rates.

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Post ID: @jwy+118W7Oo6

FC comp plan ruined Schwab. Comp drives behavior, plain and simple. It also drives "shiny object syndrome" where middle managers focus on hitting their short-term numbers as opposed to having the confidence to focus on process. FC comp and the behaviors that it brings have bled over into virtually all other departments and businesses of Schwab.

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Post ID: @ify+118W7Oo6

All the middle level EVPs, SVPs, and VPs that come in, bring their idea du jour, reorg everyone for the worse and they pick up and leave. Distributed, no silo'd, no distributed, no silo'd... TIS Transformation, does anyone really know what it is exactly?

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Post ID: @khl+118W7Oo6

Chuck no longer running the company. Once he turned it over to DP, slow decline from there. He was the soul of the company since his name is on the door.

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Post ID: @lcv+118W7Oo6

What is SEntry?

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Post ID: @vfb+118W7Oo6

The retirement of SEntry was what led us here. Bring back an oldie, but goodie, and we will be golden again.

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Post ID: @zxi+118W7Oo6

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