None of us are safe from layoffs. Layoffs have sadly become the new normal and they will continue indefinitely. There is no end in sight to this. If you want job security now or at some point in the future, you should get a job someplace else. These are simply the facts.
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Yeah, I wouldn’t assume you’re safe if you’re part of the acquirer, Schwab has a bloated workforce, many who got hired on during the dot com era and are now getting older and more expensive. Health insurance premiums go up after workers turn 50. Plus, all that accumulated sick time, vacation time and sabbatical time. They may lay off a few younger chuckleheads that were already on written warnings, but they’re definitely targeting older workers during the layoffs as well.
I stopped reading at "These quarterly adjustments in work force..."
Just get another job already. Learn both systems. Oh my goodness. How about take your technology knowledge go somewhere else where it is appreciated. Talk about dense.
These quarterly adjustments in work force are projected to last for 2 years directly related to the Schwab / TDA merger. None of are surprised to hear that the only constant is change. So as systems are integrated between the two companies at times they won't need 2 of everyone. When it is your system that is going away, that is when you are the bubble at at the most risk. It should also not be a surprise to know that the 'grass is always greener where you decide to water.' Even if you are on the technology side going away, then learn both systems, show initiative, take part in the transition, be seen and recognized as a leader. If you decide to give up and not water the grass, it will correctly identify you as a disengaged employee not pulling their own weight, where it is actually costing the company money to keep you. What other choice do they have than to cut you? They could cut me some day, but I am choosing to focus on making myself a part of the solution. You can't always control what happens to you in life. But you can choose how you respond and how to prepare.
With amount of money that Managing Director has, he could probably buy Kraft Heinz. The producer of A1 steak sauce and make his title totally legit.
Good for you, what's your net worth now?
There are only two kinds of employees at CS now. Acquierers and acquierees. Which would you rather be? Well, I rather be the one that sold 15 years of accumulated ESPPs shares, ESOPs and RSUs for the past 5 years at $74 a share.
My dear bald headed winter child. I am a shareholder. 15 years of accumulated ESPP shares, and ESOPS and RSUs awarded every year for the last 5 years. Sold everything at around $74. I am immune. You make your own immunity boy.
@xqy+1c5hdbHw my sweet summer child. Clearly you don't have much experience with MAs. Remember rule #1 of business: the company doesn't care about you unless you're a shareholder.
If you think as the acquirer you are immune to layoffs, you are very naive. I worked at any org that believed this until those same individuals weren’t impacted 2 years later during the middle of the pandemic.
@xqy+1c5hdbHw how many M&As have you been through? I’m sure you’ve been at Schwab for a long time.
If Schwab was only interested in acquiring accounts and clients, then sure, it doesn’t make sense to keep any LTDA people. However, it looks like their trying to get more out of their $26bn than just accounts. Technology, platforms, capabilities, and the talent that develops and supports them being some of those things.
If you think your tenure or loyalty matters to the company at all, you’re sadly mistaken. It’s a business and you’re just another dispensable resource.
I never heard of layoffs impacting the company that was doing the purchasing of said company. Would like to have been a fly on the wall when it came to negotiations on combining the two organizations and percentages of how many employees are to be cut from both. Is it realistic for Schwab to be intergrating TD employees at the same time letting of their dedicated long term staff...? I think not.