Thread regarding Charles Schwab Corp. layoffs

Next round confirmed for 11/15

11/15 is the confirmed date. Several hundred will be impacted. Coverage across both Green and Blue.

by
| 2725 views | | 22 replies (last )
Post ID: @OP+1dE5JwX4

22 replies (most recent on top)

This is like stop the steal. All nonsense.

by
|
Post ID: @ezgx+1dE5JwX4

stop the nonsense. It was last week as GoGreen indicated and very few were impacted.

by
|
Post ID: @cjlf+1dE5JwX4

So what's the deal? It's the 15th and I have not heard of any impacts.

by
|
Post ID: @bmrm+1dE5JwX4

It is 11/15. Confirmed. Next Monday, in a week.

by
|
Post ID: @3pkf+1dE5JwX4

So one possible confirmation that it might be 11/15 rather than 11/8 - is that Open Enrollment for Health Insurance ends Tuesday. And If they lay off people that have not finished their Open Enrollment (kinda like me, I am weighing my options with my alternatives) then how would they know what Insurance to carry into the new year? Of course that assumes the standard 60 days of medical coverage and/or pay they offer during separation. Just something to think about, I definitely don't think they would pick 11/22 or 11/29 because of the thanksgiving holiday. So my guess is either 11/15 or yeah maybe even 12/6???

by
|
Post ID: @3yyk+1dE5JwX4

Yes, CD1 is Client Day 1. Currently the schedule calls for TDA accounts to be converted to Schwab accounts in 2023, beginning in the Winter or Spring and ending in September 2023. So CD1 would be September, 2023. Also the expense reduction schedule, 40% already achieved, 30% between now and CD1, and 30% post CD1 is publicly available. It was shared with analysts.

by
|
Post ID: @2faj+1dE5JwX4

CD1 = Client Day 1. It's the first day that converted TDA customers accounts will be usable on the Schwab system.

by
|
Post ID: @2mpm+1dE5JwX4

11/15 is confirmed. Several hundred people will be layed on 11/15. Big time.

by
|
Post ID: @1tur+1dE5JwX4

Couple things to add. Schwab has said they wanted to reach 1.8-2.0 B of cost reductions from the combined companies' expenses. To date they have said they have cut 40% of that mark. They plan on cutting another 30% up to CD1 and then the last 30% after CD1. I suppose I'd expect a slow and steady cut rate of job cuts to CD1 and then a larger cut post CD1.

by
|
Post ID: @1fhm+1dE5JwX4

@plz+1dE5JwX4
Thanks! The process is very set and moves along at a particular cadence, like many things at Schwab. ;-) But two things have happened…

  1. the ladies I got most of my reliable info from in HR/tech mostly got laid off in July :-(
  2. The senior leaders are finally noticing just how terrible the attrition is, and they have changed/moved some targets, upsetting the process. There may still be a few teams with small layoffs of under-performing people on Monday 11/8 but definitely not big.

Don’t feed the troll. Definitely the last few posts have been trying to throw people off/make this a less valuable forum. Maybe we should move to Blind or something?

by
|
Post ID: @elp+1dE5JwX4

Is this new date for real? The last postings seem to be way off. So are we done with quarterly layoffs for now??? Can someone please speak to this?

by
|
Post ID: @xve+1dE5JwX4

To the OP. What is wrong with you?!?! You are messing with people's lives. We come here to get tidbits of information to help us with planning. We have families, children. They rely on our income to survive. To live, to eat, to pay rent, pay the mortgage. You are one insensitive broken individual, whose parents did not bring up right. Stop what you are doing. Stop these crazy, not funny posts.

I don't want to hear about steak sauce, Heinz-Kraft, tire rotations, tire balancing, Les Schwab, AVL versus Red-Black trees, balance binary search trees, or oooops I accidentally posted in the Charles Schwab forum when I meant Les Schwab. And I don't want to hear about making tires versus making money.

Just stop you insensitive beast, with no heart.

by
|
Post ID: @dpk+1dE5JwX4

"It will be this date! It will be THAT date! No layoffs rest of year! They all just got notified a few minutes ago! "

This site used to be a goldmine for legit information shared in a timely manner which benefited thousands, but now it is just a waste of time trying to sift through the noise and busted predictions... like a Facebook comment thread crowded with spam posts, tone deaf jokes, and intentional misinformation.

We cannot take any seemingly "confident" post seriously anymore (and I'm starting to think that is the overall goal of the spamming).

Also, for as long as the internet has existed: acknowledging trolls just guarantees they come back for more attention. Ignore them, no matter how tempting it may be to think your message is the one that will get them to stop. Don't even downvote, just ignore.

by
|
Post ID: @kmb+1dE5JwX4

There will be no more layoffs this year because the attrition rate is so high.
OP: please stop playing with people's life. this is serious discussion board not for trolling.

by
|
Post ID: @fef+1dE5JwX4

It would be nice if there was some confirmation of this last statement. This is the first time that I've seen two misses like this since I've followed this site. If true, why the delay until mid month this time?

by
|
Post ID: @apv+1dE5JwX4

Post a reply

: