When I took this job 5 yrs ago, I asked about layoffs and was told that Schwab "hasn't had layoffs in 15 yrs." What a joke. I just received my walking papers. I have ki---d myself at this job. For nothing. This has been an overall cr---y place to work. Was it just me who got the news today or was anyone else's job eliminated, as well?
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Pretty easy to see what's happening. Schwab are beginning to cut high salary jobs that they fell aren't critical to the immediate strategy (availability, integration). They will be replaced with younger talent so they don't have to pay as much. All of the guys let go in our organization were PMs and older workers
@7nux+1jIxSaop I think you are a troll yourself..but let us pretend you are not. did you ever consider this has nothing to do with your age? I can work for probably 4 heads down hours a week and get more done than my 50 year old teammate does for the full week or more, and he's only around 10 years my senior. Some even younger coworkers slack even more while getting better merits. In stark contrast to my previous jobs, nobody at Schwab cares or holds anyone accountable. Now, back to my phone..
The troll saying there was no layoff last week should get lost. I am in STS and a few on my team were let go including my mgr, her mgr, a release mgr. We are all 50+. To get severance we have to sign that we won't sue. The young slackers who sit on their phones all day weren't touched.
Are we sure? I get phone calls from the Microsoft IT department on a fairly regular basis. They are so helpful making sure my Mac is properly set up. If a company like Microsoft has an IT department, surely Schwab can afford to have a few IT people on their staff.
Yes, so many red flags here. We have very few "fine professionals" at Schwab and the few we do have would not be laid off or the firm would collapse.
READ MY LIPS. No one got laid off.
First off, the original post is about layoffs in "IT". When have you ever heard of the IT department in Schwab? We all know it is not called "IT". That is a red flag right there. Fake post. There were no layoffs.
It's disturbing that so many on here (or maybe it's just 1 troll) denies the layoff. Massive layoffs in my area. SAMS. Tech seems to have been affected, not product. Most laid off were women 50+. Honestly, disgusting.
Lets face it. The ones that got "laid off", even though there were no layoffs, were expendable. They were chosen, and not because they were the best. But the "wurst" in their team/org. Most likely, they were "fired" because they were under performers. Either way, they are gone because they were no the best. The rest of us that are still here, enjoy it while we can. And for those want to complain how it is here at Schwab. Be glad you don't work at Twitter, for Elon Musk. Cuz it could be so much worse.
The original poster is just stirring the pot. Non one at Schwab calls the department, IT. You know this person does not work at Schwab. And no refers to Release Management. We haven't used that in at least 7 years now.
Spoke to an upper management person and layoffs are coming very soon early 2023. These current layoffs are the beginning of a bigger layoff to come. Right around reviews and raises/bonuses....
I think something shady is going on. Everyone in my org who was let go this week is a 50+ year old woman.
@3eid+1jIxSaop as another poster said, real people and fine professionals have been impacted and just because you didn't get walking papers doesn't make this untrue. Hundreds have been handed walking papers, consider yourself lucky..or next!!
Why is everyone who is supposedly laid off saying walking papers? 1 or 2 might be believable but every single one saying walking papers tells me this is probably not legit.
Heard the turbo town hall was cancelled to avoid having to address employees receiving walking papers.
widespread papers being handed out today with instruction to walk. walking papers, if you will.
I got laid today. Just turn off camera during useless meeting and get busy.
Manager just called a unplanned team meeting to tell us one of our own was given papers to walk. 12 year blue veteran.
Just got my own walking papers. They couldn't make it work with next year's budget and said I'm not the only one in my org.
“All replies are originating from the same individual. This is evidence you cannot trust this board.” - yes, all replies originating from same individual, “Anonymous” !!!
Seriously, real people and fine professionals have been impacted and just because you were lucky this time does not make this untrue
My entire group given walking papers yesterday. 17 in total. STS (I.T.).
Similar to last time, just before Thanksgiving. Not quite like that other company in the news, but just as bad for anyone impacted now. At least 2 groups in STS.
All replies are originating from the same individual. This is evidence you cannot trust this board.
I can confirm that this happened in My group as well. Sorry you were laid off.
Yup, I got the call today as well from the data technology area of WAM
Can confirm as I’m also in this org.
To the person who said I was lying. Stop. I was laid of today. So was my managing director as well as 2 of my close coworkers and another in Release Mgmt. It was pretty widespread.
Yeah we had one director let go in finance today. Small “precision” layoffs of expensive people I think went down across most groups today…
can confirm there were NO layoffs today. OP is stirring the pot or was an outlier and was fired.
"IT"? is so generic. What department?
I've been here for 6 years. Schwab definitely has had multiple rounds of layoffs since I started. 3 rounds of layoffs to be exact. I'm not sure how you could have missed those during your time here. They were a big deal each time.
I wonder how many are being laid off today.
They lied to you. My entire department (130 people) were RIF'd and outsourced at the end of 2007, the start of the recession. We weren't the only ones - when they moved the rest of IT from SF to DEN, AUS, PHX, and Richfield, they offered to move your job, and you could go to if you wanted. Or stay and no longer be an employee.