Hear any rumors lately?
24 replies (most recent on top)
Looks like needy not performed. Sad. Rise up and do the needful! One for all, and all for one. For united we stand, but divided we fall. Wave off people, wave off!
Excuse me but I have a doubt on the waves. Can someone please kindly do the needful to eliminate this doubt? What do waves have to do with layoffs? Is this like the wave off, as in a big send? Mesa has doubt, lots of doubt now. As requested, please do the needful to eliminate said doubt. Thank you.
I'm the poster that mentioned Legal talking with outside counsel and gave more details with the two waves. Don't have much more information to provide, besides the TDA merger is imminent, and should happen in a few weeks. Regulatory approval is what we are waiting on, with anticipation of 1st week of September. The original time line for the first wave looks to be end of September as mentioned previously. This wave is first round reduction of duplication of redundant functions, along with planned combination of teams. Existing Schwab requisitions will look to be filled from the pool of TDA talent. Word is about a 5% cut on the Schwab side during this first wave. The second wave is anticipated to be larger, but I have no numbers for the Schwab side. The thinking is it will affect TDA more, but definitely Schwabbies need to brace for impact as well. That's all I have for now.
This thread looked like the real thing, at the start. But I would not take too much stock in the claims on the two waves of layoffs all related to the TD merger, and the claims about conversations on severance with outside counsel. If anything, we will be so busy after the merger with TD closes. If, and this is a big if, we have layoffs, it probably will not come until 2021.
Original commenter on waves here. Waves can be big and small, are have two measurements that are of importance. First, amplitude, which measures how "high" a wave can rise. Generally speaking, the the higher the amplitude, the higher the amount of energy of the wave. The second characteristic of waves is the frequency, which in essence measures how a part each consecutive wave is. For example, taking arbitrarily the peak point to peak point between two consecutive wave as a measure of distance gives you the frequency of the wave.
There are also other types of waves, such as motioned you do with you hand and arms to get the attention of someone. There is also quantum matrix theory which is used in wave mechanics to predict the position and velocity of the a subatomic particle, which destroys the Heisenberg Uncertainty Principle.
Hope this helps.
Can the person who commented on waves elaborate more?
Not as interested in what our CEO say, in as much as what our current CIO, Jeff Penney says. Read my lips: "no new layoffs."
People this is not happening, there will be no layoffs. Our CEO, Dave Pottruck, has already publicly stated there will be no layoffs. How much more definitive of no, do you need?
You are sure it's Boston Consulting Group, and not Boston Chicken, the food chain that went way of the dodo bird?
I am in Legal, and I have not heard of anything like this. There is high potential this is a made up rumor and trolls are just messing with us.
Legal and the heads of other departments are consulting with a firm called Boston Consulting Group. Not sure if they are a law firm but they help companies manage huge transitions. Either way ... it’s happening.
Stop making jokes. This is serious, we are talking about people's livelihoods here. A while back some fool(s) thought they were being funny doing the "needful" and "I have doubt" colloquial expressions. That got old fast. Please don't start a new trend with Habeas Corpus and Magna Carta. These are big words that the poster probably doesn't even understand.
People are surmising, guessing really, that Schwab consults with outside counsel. Have any of you heard of Habeas Corpus? The Magna Carta? Hello.
I work with the General Counsel and I'm part of the Legal team. We do not consult with outside counsel. Let us just put this one to bed. End of story. Definitive.
Sorry to disappoint you mr narcissist, but Schwab lawyers do consult outside counsel as the company does not always have the expertise in house, or maybe bandwidth. Lawyers often specialize and Schwab has not been extremely active in the M&A market. It’s quite likely outside counsel is helping out.
How dare you contradict me. I am not wrong, you are wrong. We (Schwab) has a General Counsel, who is, wait for it, a lawyer. We have an entire department which we call Legal. Which is an entire team of, wait, wait for it.... lawyers. Outsourcing to external lawyers is always dangerous, because of Habeas Corpus. It would leave us, the firm, without recourse to suspend a writhe hereto, and forthwith, due to the Magna Carta.
Wrong. We have legal contractors through Axiom. It’s not all in house. No company big company does legal 100% in house.
@6qh
I am calling bull. Schwab does not need "outside" counsel. We have Legal that handles all this in house. There would be no reason to consult with "outside" counsel. The bottom commenter is making this up.
Timing sounds right. Earliest we will get regulatory approval for the merger is September. And these approvals usually come on the first of the month. So this plan assumes we get approval for the merger by September.
There will be two waves (all related to TDA merger). First wave will be last week of September and second wave end of November. Both TDA people and Schwabbies are being considered for layoffs. If you ever thought about changing careers or companies, now is the time. This s—s. I’m sorry guys. The next few months are going to be a rollercoaster.
Anything? Can someone in the know please add some additional details if available?
I can’t say, but I’m trying to find out more information. I’m just as worried as the rest of us.
What position are you in?
Legal is in conversation with outside counsel regarding severance packages and other lay-off related paperwork. My guess is layoffs are around the corner.