It was revealed in an all hands that they are considering selling off RPS.
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Is there any meat to this? I predicted Schwab would sell of RPS when the acquisition was announced. This LOB doesn’t fit in with the new core vision...
CG let it slip on her WPE all hands that it’s something they are considering. It seems like SPS and DBS (Schwab and TD) are now her core focus areas.
Not even twice? You will notice during the all hands TD folks asked for a geographical lay of the land for Schwab offices. The numbers mentioned included Denver, Westlake, Austin, and SF. No mention of number of STS employees in Richfield, Raleigh, and so forth. At least he mentioned Orlando by name, even no numbers were given. That provides some hint to the future of Richfield and Raleigh.
They never made mention to this once...
Negative. The CIO did NOT at any time indicate that RPS may be sold during the all hands. CIOs do not indicate we may this, or may that. If they reveal their hand you can be sure they have already decided and will be moving down that path.
What was revealing was when the CIO talk about existing Schwab head count, he mentioned Austin, Westlake, Denver, and San Francisco. He did not mention Raleigh or Richfield. If that is the sole reason you believe RPS (Richfield) is being sold, that is so off the wall.
RPS is sold. Our CEO came from RPS, a wholly owned subsidiary of the Charles Schwab Co. Indeed.