Thread regarding Charles Schwab Corp. layoffs

CS can't lose more people

Many say Schwab can't afford to lose more people, at least not for a while. But is that really so?

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Post ID: @OP+1e8xSEQy

23 replies (most recent on top)

Get over it. TDA got bought. Human nature took effect. Blue side are a bunch of insecure fools and needed to survive. They knew green side is better. You think they were going to open any doors? Move on, lots of opportunities out there at companies that welcome your talent. Bi-----g here isn’t going to change your life. I think the blue side loves that they upset you.

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Post ID: @6xpr+1e8xSEQy

What amazes me most about Schwabtards is the arrogance. They think that Green side is bitter. No, we’re just disappointed that we weren’t given the opportunity to make Schwab great. TDA did everything better than Schwab on tech side, with way less people. Classic example of a few smart people working together vs the fiefdoms at Schwab protecting territory and pontificating nonsense (that’s pointed at you, Tim Heier). We really wanted to play a part in the integration and help Schwab win, we really did. But, you treated us like a conquered bunch of peons and did everything you can to cast us aside. So we’re leaving in droves and landing way better opportunities. In the end, this is sort of Thank You letter. Thanks for being such a bunch of D I C K S on day 1. Glad you made it abundantly clear from start we weren’t welcome. I’m making way more money (even with the paltry 6% bump you gave me last month), and working with people that appreciate me. It’s going to be fun watching karma catch up to Dennis and his a s s clowns. I truly feel sorry for TDA’s clients. I wish I had the opportunity to continue providing them with the service they deserve.

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Post ID: @6puq+1e8xSEQy

I spend more time in meetings making up dates for when I’ll be done with development work than I actually spend doing the development work.

No meeting Wednesday's was also a total joke. That lasted all of zero days. Just another success story.

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Post ID: @6zvv+1e8xSEQy

Shareholders should audit the Webex logs at Schwab and ask for justification on why 100% of the company spends 80% of their time in useless meetings. Pretty common to have meetings to plan how we’re going to meet. 100+ attendees also pretty common.

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Post ID: @5dni+1e8xSEQy

How are you so sure both sides aren't weighing in? Because it's negative it has to be TDA people? As a TDA person I can tell you I've heard the same griping from the blue side. But it feels like blue folks are more willing to just eat it rather than send it back to the kitchen or complain.

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Post ID: @5yql+1e8xSEQy

Are all these comments from the Green side unhappy about some leaders on the Blue side? Was better when threads had both sides weighing in.

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Post ID: @5vto+1e8xSEQy

@4iss+1e8xSEQy What’s funny is people think this is some new development. DevEx built TOS before TDA bought it and continued to build it afterwards because they are top notch talent. They have been around TDA for almost a decade. You’d think if they were going to steal something, they would have by now. Not only that, they haven’t lost access to anything at TDA (which is now Schwab). Mo--ns like Bashar think they are soooo brilliant calling out there are some DevEx folks based out of Russia. It doesn’t take some external actor to send $1.2M dollars to the wrong person. Schwab is perfectly capable of doing that without any help. All Bashar is doing is making sure this integration fails. Oh and those synergies? Not so fast. TDA still pays for Slack because they refuse to let DevEx use Teams.

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Post ID: @4wnv+1e8xSEQy

You guys are pretty harsh. Sure there are some bad decisions, that we may not all agree with, and sure Simon speaks with an English accent. Who cares? It is a job people. CD1 integration completion may have its challenges, but Schwab, historically has delivered. Look at AppMod.

silence

Ok, bad example. But historically speaking. That is looking back at history.... we have delivered. I think.

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Post ID: @4ttf+1e8xSEQy

Very close to the point they don’t have the tribal knowledge to recover from a Trading outage on TDA side. Not to fear though, they can move all of TOS to GCP in a few weeks. That is if they can get all their Russian developers the right level of access. No security concerns here, carry on.

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Post ID: @4iss+1e8xSEQy

I left Schwab a few months ago. Could not take the level of inefficiency and outright d-mb people that work there. Simon Indge is a shining example. It’s amazing how even with a British accent, he sounds like a complete du----s when he speaks. How do you have someone running infra that requires a weekly lesson on how technology works. Teams spend more time prepping him with technology 101 lessons than actually doing integration work. The dynamic between Tim Heier and Dennis Howard is interesting. Dennis and Tim will bemoan each other yet do nothing to improve the organization. CTO runs it like a clueless dictatorship and IO&C are glorified order takers. Going to be interesting if the market analysts accept their excuses for a failed integration. Schwab is making money so analysts may look the other way. Schwab could be making more money if they had better leadership vs the clown troupe that’s running things now. Such a shame that the TDA integration could have been a better success.

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Post ID: @4nru+1e8xSEQy

Guess the layoffs did not happen (or did it?). keeping fingers crossed...

https://www.thelayoff.com/t/1dFtLZkh

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Post ID: @3gxz+1e8xSEQy

Out CIO and CTO are some of the brightest leaders in tech. Full stop. Everyone here rags on Dennis and Tim. You are probably stuck as specialists, or senior managers that have not been promoted in a decade, and with no hope getting promoted. It's ok. You can simply leave.

Make no mistake. Integration will get done, on time, and within budget. We have been in business since the early of EBT, and will continue onward, well past the point when we all retire. CD1 will be successful, and mark my words, all due to the strong technology leadership that we have. We should all be so lucky to have such strong leaders.

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Post ID: @3ktw+1e8xSEQy

I had a pretty high hopes for Dennis. But then we had that awful all-hands where he blamed everything wrong with STS on regulators… Effectively ending any faint hope we had of improvements because it’s “out of our control”. Total copout. He couldn’t lead a fu----g kindergarten class to candy.

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Post ID: @3tfw+1e8xSEQy

Dennis seems like a smart guy, you would think he could see Tim and his direction will only hurt the integration timeline. Tim and his directs are the real problem and need to be replaced stat! I have a feeling when the wheels fall off Tim will be the only one left which is ironic since it will have been his vision that derailed this whole integration. Ones like Tim always find ways to survive.

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Post ID: @3ckg+1e8xSEQy

Dennis H. couldn't lead a mouse to cheese, Tim "Vaporware" H. is a process heavy paper pusher, and Bashar is a megalomaniacal who's own people have to coach and are too afraid to challenge. You'd find better leadership at your local grocery store.

Prove me wrong.

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Post ID: @3nsk+1e8xSEQy

@1fze+1e8xSEQy is right.

@1siq+1e8xSEQy is an id--t and doesn't scare me a bit. I'm a 90-100%er like others here. If they try to revoke it there are plenty of other companies reaching out.

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Post ID: @1oli+1e8xSEQy

And forward thinking companies are going all-remote without sacrificing comp or making it a big deal . Schwab is backwards looking and top-down penny counters. It’s why talent leaves.

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Post ID: @1fze+1e8xSEQy

Well, they are asking for vax status. They would not do that if they were concerned about losing people. As far as people working remote, the fact that the job can be done anywhere would mean these WFH people are replaceable for lower pay.

Don't think they are not looking into that already. This is a popular agenda for many companies and not just Schwab.

Companies will not give ongoing updates re: status of WFH, mandates, etc. Actions will be taken immediately with little time for employees to plan. Even if they tell you "nothing" or low probability of anything is going to happen, it will happen.

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Post ID: @1siq+1e8xSEQy

Schwab is a very bloated company, they expanded like mad during the dot com era and they’ve got a lot of people who have been there for 20 plus years, with comfortable pay and a sabbatical every 5 years. How much do they contribute? Probably not much but they’re definitely Kool aid drinkers and thus immune from layoffs

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Post ID: @kqy+1e8xSEQy

At the time of deal close, Schwab had roughly 24K employees and TDA had roughly 9K. Also at the time of deal close, TDA had about the same number funded accounts compared to Schwab. Schwabs current Technology org has more employees than TDA had as an entire company prior to the deal 🤔.

I don’t know if Schwab is just really inefficient or there are a bunch of people not providing any material value. Could be a combination of both. They probably can’t afford to loose people if the level of productivity remains constant.

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Post ID: @wya+1e8xSEQy

Green side veteran here. Not to be unkind but from a legacy TDA POV CS seems quite bloated. Lots of folks with nothing to do but "Audit", by which I mean strangers asking the same questions others asked the week before, but their spreadsheet is in a slightly different format so the work must be redone, not to mention the "quick calls" before, during and after, all of course on tight timelines. They don't talk to each other. Lots of "Project Managers" who schedule daily meanings but don't persist (or at least publish) the upshots of the discussion anywhere. They don't talk to each other. Security guys that run tools and tell you about a "critical vulnerability" on a Friday night that must be resolved ASAP, but can't provide the details cuz, you know, they'd have to shoot you.

A lot of those folks could move on, which would improve our shot at meeting the CD1 timelines which, as others have said, seem to have been derived in a vacuum.

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Post ID: @yar+1e8xSEQy

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