a few nuggets from the corporate call today:
Walt said WFH and workplace flexibility is not permanent!
Katie Casey said that compensation is based on "cost of labor" not "cost of living" and that everyone firm wide got 3% merit increases in March (absolutely not true--depends on your department). K Casey also said that Schwab was the only company to give 5% increases last fall! Yep, that's right because Vanguard, Morgan Stanley and Fidelity all gave DOUBLE DIGIT increases! Schwab does not care about people. It is profit, profit, profit. And, notice they never mentioned NO LAYOFFS as they have done in previous years. It is coming! This place is such the pits now. Too bad. It was good once. Time to finally go.
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The same Head of HR who used a fake screen shot to make it look like she was in the office? (And quite lamely at that?)
Schwab HR is a totally useless/worthless organization. No - scratch that, it's worse than useless. It is actively a bad thing.
They really truly want everyone back in the office - they have millions of dollars in real estate in Colorado, Texas, etc... that are sitting basically empty. Don't be surprised if in the future they change their minds, they are waiting to see what other companies will do in the fall/winter especially if the "vid" doesn't rear it weary head again
The street supposedly has been complaining about Schwab's expenses since the acquisition - hence layoffs last year. They carry way too much overhead and don't allow the smart people to make decisions, decision by group doesn't always work. They don't want to break our to the box, just get things done as they always have been.
He said verbatim there are no plans to change WFP
I also did not hear WPF is only temporary. What they did say was they wanted to give local managers the control they need over their reports and hence there is no firm wide guidance on WPF. He did state most requests for WPF was approved all the way up to the 100% remotest, with the caveat that you will not have a permanent desk. I thought the responses were reasonable and expected. Did you guys read it differently it seems.
or guidance
Guess I'll take my cost of labor to somewhere that values it more then🤷🏼♀️
they did not say anything about any changes coming to wfp. The way I interpreted that is Walt said he can't predict that in the long run this is the model the company will use. Just as he foul no not have predicted covid 2 years ago and that we would have wfp now. It seemed like a reasonable thing to say. I would not worry about it.
she should change the background when she appears. For some reason, she does not appear clearly on the video.
From what I read the Street did not like the level of Schwab expenses in the earnings report. So it is not clear that they can give out more cash.
the company spends way too much money ( whether in head count, capital and operating expenses) so there is a ample to trim.
what are you saying about cuts to tos functionality?
I missed the meeting. Can someone please explain more about workplace flexibility not being permanent? I filled out the form to be remote 90-100% of the time with full approval. Are they going to be revoking existing approved WFP requests or just stopping new requests in the future? Kind of a sh-t thing to do if they are revoking existing approved requests.