Well, as you probably all have heard there were more Schwayoffs today, all to (former) TD Ameritrade employees and none to Schwabs. This is some Schwamily they are making. I know things will be alright in the long run, but I feel betrayed. Was TDs board aware that all of the layoffs would be on us when we kept being told that "Talent wins out!"? It seems all they wanted was to convert all the accounts we've worked so hard to make into Schwab accounts.
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When they use the word "synergy" you should know what's coming. Schwab did not buy TDA for its people sadly but for its assets. Always remember CS's biggest advantage is scale and efficiency.
You all do realize Schwab has a pretty generous severance package, depending on your tenure. You can get 1 year of of base pay if you've been here about 20 years or so. You get automatic 60 days pay, remaining an employee with full benefits after being notified, and you just go home and stop working. You are then paid 10 days of pay for every 1 year of service, capped at a maximum of 200 days, which translates to max 10 months. On top of which you get cash for any remaining PTO accurals including the unused floating holidays. For those make around $200K base a year, there are worse ways to go.
TD side here. This does not reflect how most of us feel. Layoffs aren't meant to be fair. S— it up and if you're still here try your best to benefit the combined org and you'll be in a good position.
You do realize that people from Schwab were impacted as well? That when this merger was announced a year ago Schwab openly stated there would be layoffs due to synergies? That as the acquired company it was a given that TD would be impacted more severely? That the board at TD likely had little choice in the matter and even if they did they surely wouldn't care about the lowly employees beneath them? If all people from TD are this dense I'd say that the talent did win out after all.