Thread regarding Charles Schwab Corp. layoffs

Annual bonus opportunity… to be screwed

Is anyone happy about the bonus situation? I was surprised, but not in a good way, when they left “green” percentages the same. Makes sense I guess as then they don’t have to raise our base. But now I’m getting $1K per quarter when I used to get more like $7K. OUCH. Once my 2021 bonus is liberated, not waiting around for the 2022 one…

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Post ID: @OP+1ejAvMHX

19 replies (most recent on top)

Schwab couldn't catch the clap in a Texas hoar house.

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Post ID: @2vac+1ejAvMHX

They couldn’t get OptionsXpress done on time and they ended with a worst of all possible worlds hybrid just to get it done.

OptionsXpress legal day one was in 2011 and it wasn’t until around 2017 or so that they finally got it merged

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Post ID: @2lar+1ejAvMHX

Yeah, $100k Schwab retention paid out on CD1 (or whenever Schwab says ) is useless at this point. It’ll never happen. Even if it did, it’s less than half yearly comp? Even before a good 35% is taken out for taxes? I am not at all motivated by that in this market. TDAs retention was close to that and it paid out in full over a year ago.

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Post ID: @2abi+1ejAvMHX

So entertaining. I really enjoy coming here every so often to hear the beeeeching. Goes great with my coffee. This thread is particularly funny.

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Post ID: @1knt+1ejAvMHX

I seriously hope they retain Tim. You really want Rama or any of Tim’s other lieutenants ascending that throne??? Then we really are f’ed. you all need to look at upside here, interest rates go up next year. We’ll be making money like crazy. No one is going to care that CD1 even happens. Ride it out. Easy money.

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Post ID: @1tpx+1ejAvMHX

@1jbs+1ejAvMHX impersonal? sucks to be you. I'll have you know my manager emailed me my adjusted compensation statement!

benefits cost more? keep your head up. total compensation is better than what you had..they promise! you get way less PTO. but hey, you get sick days like your parents got in the 70s and 80s!

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Post ID: @1dnt+1ejAvMHX

Agreed on Tim. Blue will do anything to save a few dollars at their employees expense but have no problem spending tens of millions on Tim’s “modernization” projects. I guess if you’re able to take an old cr---y application and make it run in GCP then its miraculously modernized, that’s his mentality.

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Post ID: @1awm+1ejAvMHX

My 40k retention bonus payable maybe in 4 or 5 years is in no way keeping me here. It’s amazing that this HR crew still cant figure out whats going on. Separate note, letting Tim H go might stop attrition by 15-20% in technology alone, probably one of the worst leaders who actually thinks he is a savior. Wake up Dennis.

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Post ID: @1nbj+1ejAvMHX

@1cqf+1ejAvMHX for me 100k+. Avg that out over 4 years and someone would still be able to match or beat it by leaving and not putz around maintaining dead end apps.

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Post ID: @1mwb+1ejAvMHX

How large does the retention bonus need to be to make it worth while to stay whether you accept the Schwab date of Fall, 2023 for clearing conversion or the dates presented here ( 2025 or so).

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Post ID: @1cqf+1ejAvMHX

Benefits cost more on the blue so I’m making less. I had heard total comp would be remixed to be fair, which did not happen. So many 180s in policy, and so impersonal.

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Post ID: @1jbs+1ejAvMHX

Green turned blue here. I know for a fact retention bonuses are stupid high for tons of engineers that are still 100% on the green side. They cannot afford to lose them.

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Post ID: @1itv+1ejAvMHX

Retention bonus based on clearing conversion completion is a scam. Did they even complete OptionsExpress etc anywhere near on time? Integrating green is was more complex. I had a $100K retention bonus that my new company was happy to make me whole on. Cut your losses. Enjoy the holidays then GTFO.

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Post ID: @xqk+1ejAvMHX

Yeah, if we do not know when clearing conversion is actually going to finish ( and some are pointing to 2025) there really is not much value in the retention bonus.

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Post ID: @bvu+1ejAvMHX

Happy with keeping my percentage. Not happy with 1k per quarter. Additionally, at TDA most people were more-or-less guaranteed a minimum 100% bonus payout unless they were a complete dope. I have doubts we'll continue to see that at Schwab.

People simply cannot sit around and wait up to a year to realize 90% of their bonus. I too will be seeing myself out in March.

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Post ID: @xnt+1ejAvMHX

It’s not enough to force me to quit, but there are a lot of other people who do not share my sentiment. There will likely be 2 waves of attrition, the first right after 3/4 (bonus payout date) and the second after 4/15 with the end of tax season. Would not be surprised to see major incentives offered for overtime to stop the bleeding.

Side note - a retention bonus payable upon clearing conversion isn’t worth it. From what others have posted in here, that could be years away. Negotiate a better retention offer or take your chips and leave.

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Post ID: @rab+1ejAvMHX

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