Thread regarding Charles Schwab Corp. layoffs

How large a retention bonus would keep you here?

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).

Someone asked this great question on one of the threads below.

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Post ID: @OP+1eoYdhlA

27 replies (most recent on top)

LOL. I just sense sour grapes here. Yes I have millions from cheap SCHW shares. But that is not all I invest in. I also have about $2M from my 401K, diversified investing, and I'm not even 40 yet. And yes, I am FANG material even if you are not.

All I know is whiners like you all are just eating sour grapes, wishing you were not "acquired" and yearning for how things were better before. LMAOF. If you are unhappy then leave. But I'm sure you have acquired millions from TDA and used your wise investing skills over the years, and just as many options as me, and countless other colleagues at Schwab.

Hehehe. Merry Christmas.

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Post ID: @4qvc+1eoYdhlA

So, CS makes most of its money off interest rate spreads. And most economists and money managers predicted very low (as in close to zero) interests rates for the foreseeable future before the pandemic hit. In fact that was prevailing thought even the second half of last year.
I guess you somehow foresaw the pandemic and knew there would be supply chain bottlenecks and job attrition which would lead to inflation and interest rate hikes.

And that's why you held on to large quantities of CS stock. Unlikely that you did not know what you were doing and just got lucky.

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Post ID: @4kzd+1eoYdhlA

@3rqe+1eoYdhlA 😂 You're staying at Schwab because you acquired cheap shares but you'll be going to FANG when you cash out? Even though you could 4x your TC by going to FANG now? Give us all a break.

We have very few if any Schwabbies who are FANG material. I'd bet hundreds of $13 shares that you're not one of them.

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Post ID: @4bdf+1eoYdhlA

@3hdh+1eoYdhlA
That's great you sell your shares immediately. Then you must have even more millions than me. So you also have options.

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Post ID: @3cre+1eoYdhlA

@3hdh+1eoYdhlA

Some of us don't need to sell immediately. I max out on my 401K, and contribute to my brokerage account investing in many things that done well. But I have millions just from my Schwab shares. Yes nothing special. LOL.

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Post ID: @3xce+1eoYdhlA

@3tqs+1eoYdhlA
Yes, Tesla and Apple are two pretty good companies whose stock as skyrocketed. We don't work there do we? But we do work for Schwab, and I have shares that accumulated as low as $13, up and down, and now worth over $85+. That is 6.5X growth. Sure, probably would have made more money at FANG. But pretty happy with what I have, which is in the millions with an S.

So go to FANG if you that unhappy, but stop whining. For me, I'm good. I can stay and continue to receive great compensation, and cash out anytime I want. And then go to FANG, do my own startup, do contract work when I want, or just retire. But I don't whine about it.

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Post ID: @3rqe+1eoYdhlA

It seems that Tom was basically marginalized so did the rational thing and left to a new place. Not all, but many others' experiences have been similar we'll see if the retention bonus is enough to keep them around or they move on after bonuses are paid.

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Post ID: @3nhy+1eoYdhlA

Generally the more prudent approach would have been to develop versify rather than holding all eggs in one basket. That's what I did too.

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Post ID: @3yma+1eoYdhlA

I sell my stock as soon as it vests. Sure, the price has gone up since the grant, but I can take that money and do a lot more with it in other stocks. Schwab is nothing special. I certainly don’t want to be holding it after it tanks because this integration failed.

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Post ID: @3hdh+1eoYdhlA

From these comments, you’d think Schwab is the only company on the exchange and their stock price is the only one that will go up. Just think, you could have a better work environment AND good stock somewhere else. Seems to be no shortages of job offers, even at the MD level. Tom S left before bonuses and I’m sure with a lot of stock on the table. Think about that. I guess the stock isn't enough to keep people from leaving. The current value prop must not be compelling enough. Maybe it is if you’re a dinosaur?

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Post ID: @3tqs+1eoYdhlA

Schwab Blue here. Totally agree with @2xhh+1eoYdhlA. I'm also in the same situation. Accumulated lots of ESPP, RSUs, and stock option shares in SCHW. With the crazy price for the stock, and potential to go even higher in 2022, I have lots of options. None of which involves complaining or whining. Its just a job, with a pretty good paycheck actually. I don't understand why Green is so passionate about the work environment. Many of them are in the same situation with converted shares to SCHW in 2020.

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Post ID: @3wjy+1eoYdhlA

Good place to stay if you want to just get paid and don’t mind accomplishing nothing. Not a good place if you want to work on technology innovation. Don’t be fooled by kool aid that CTO dispenses. No quality in any of the technologists that work there. With that being said, will ride it out for as long as I can. I work remote, put in my 1 hour of productivity and then have meetings running in the background for rest of day. Easy money.

What is there to complain about? We aren’t managed to outcomes. Just worship your boss and you’ll do fine in the long run.

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Post ID: @3awo+1eoYdhlA

I'm sure many on the green side may not be enthused about the company (esp if they have been basically kept out of things in the combined company) but I think the vitriol that you see here is pretty rare.

Generally I think most are just doing their jobs and weighing their options. This is all pretty normal. If there was more of an effort to make it one team and value both sides equally then majority would feel more invested.

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Post ID: @2ykq+1eoYdhlA

The amount of whining, which seems to come from Green is incredible. Long time Blue here. I have been here well over 10 years, and have been accumulating ESPP shares as low as $13, every quarter, at the max contribution amount. Every year I accumulate well over $20K+. I have held all my shares, and SCHW is hovering at around $85. It will only go up higher with the impending interest rate hikes. And this doesn't include my RSUs and stock options, which I have exercised but held as shares. I can retire. I could care less of the gripes here. I find it funny actually. Not happy, then leave. And for the Green folks, you should have also accumulated years of AMTD, and on conversion to SCHW back in 2020, you should be in the same boat as me. Millions. Free to go anywhere I want. Free to do my own startup. Free to retire.

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Post ID: @2xhh+1eoYdhlA

AUM is everything. Given the impending rate hikes in 2022 and beyond. Schwab's view is there is nowhere else for clients to take their assets. Are they going to Robinhood, eTrade? Maybe Fidelity.

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Post ID: @2wji+1eoYdhlA

@2tvw+1eoYdhlA There’s not going to be anyone left on the Green side to keep the lights on. They would probably just scuttle TDA and ACAT everything over. From what I hear, it’s how Schwab started clearing conversation conversations. Like it’s just another USAA 🤣.

I don’t think they care too much about the client experience as much as they do about AUM. The list of features and functionality TDA clients are loosing (even with TOS staying) is long. Gotta make sure we hit those dates and synergy targets they pulled out of their a-s. Stock price is the priority over all things.

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Post ID: @2hxp+1eoYdhlA

Going to be entertaining as he-l to see what happens when all of the folks you needed to integrate TDA’s systems into Schwab’s have disappeared. Would not surprise me if clearing conversion fails to happen due to the impossibility of integrating the two systems without the proper resources (who realized that leaving was better than staying on a sinking ship). You could in theory slap Schwab’s logo and blue colors on TOS, but you’d still essentially be operating two separate brokerages under one company name. The emperor (Schwab) has no clothes.

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Post ID: @2tvw+1eoYdhlA

There will be nothing to integrate once all the green folks leave in March. back to 5 mins between Crits, just like Schwab.

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Post ID: @2cwn+1eoYdhlA

Whiners. Whine whine whine. Give it a rest already. Get a life.

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Post ID: @1jpe+1eoYdhlA

Nothing. It’s not about the $$. I can make it up. Reorganize this sinking organization, new blood, new ideas, new leadership from people who know how to do complex integrations, then maybe there would be a chance. Oh wait, TDA was supposed to be that but this completely unappetizing culture with all its stodgy bank-ness and yes-men are doing a fine job of running green talent out. The one thing blue excels at.

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Post ID: @vky+1eoYdhlA

Nothing. I left it on the table and the company I went to made me whole.

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Post ID: @ihn+1eoYdhlA

If they could make this place better to work at, more productive and empowering… I’d be fine with nothing. Heck, I’d give Schwab $10k a year if it meant pulling myself out of bed, logging into VPN, and trying to give a sh-t for 8 hours every day wasn’t an absolute fu----g struggle. Assuming nothing changes, $500k and I’ll stay till CD1.

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Post ID: @yya+1eoYdhlA

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