Some reorganizing happening and letting go of some middle management
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He's pretty much like one of THE most important people here. Excellent judgement, engages well with his team and his leadership team. An increidble person, for sure. I&O has prepared us well.
who is Simon and what is I&O and IO&C… apologies i’m from another organization
@2cac+1m5Ft9q6 : This is capitalism, baby. The free market, the apologists of which we are all. Something you don't like? Then quit and/or become an MD. Oh no, it's better to create your own "ScSchw". What? What's the problem dear?
Good ole Denny Howie and Timbug are laughing their butts off at all this
@2bch+1m5Ft9q6 , @2bch+1m5Ft9q6 , @2ebh+1m5Ft9q6 , @1ofi+1m5Ft9q6 I'm just going to leave this here. https://www.doleta.gov/layoff/warn/
It’s true! I got laid off from another department. I’m trying to figure out how many people are impacted. They’re so secretive with comms and there’s nothing in the news about this. Very strange.
@1ofi+1m5Ft9q6 my teammates who got the axe were mentioned as 'being Schwab employees for 60 days, but no longer have access to the environment'. So I'm betting it did.
How are we supposed to do the work that is asked of us now with even fewer people? I am so sick and tired of how I&O treats us. We deserve better and the middle management needs to be changed just like the MDs. We are the ones making these guys rich with there big bonuses and stock grants. did you know a lot of Directors received $50k in stock grants in February? Did you get one? I sure as heck did not. Stop treating us like #$%#
This is definitely happening. Simon's meeting today with those left with no managers didn't give us any confidence either. He was very vague and didn't provide us with a lot of information. It was actually very much awkward. I don't know what's happening with Schwab, but there are leadership issues at the top. All we heard about for the past decade was how well Schwab was positioned to make a lot of money when rates went up. Well, they went up and Schwab somehow managed to lose a lot of money because of it. This is just a poorly run company with no direction or concerns about their employees. Lots of hand patting going on at the top with corporate communications about each quarter making more and more profits and yet here we are. A firm with no direction or vision.
Not just green. Not just middle management. Absolutely not just low performers. Few of the most talented people I’ve ever met were impacted.
@1ofi+1m5Ft9q6 Thats huge if it hit's the WARN limit. I haven't seen it in the Texas or California WARN listings.
I can confirm it has occurred and is over for business units in this wave. Its unclear if the layoffs triggered the threshold of a 60 day WARN layoff, but given the numbers cited in this topic it seems likely.
I just moved from IO&C to the dev side last year. Is this just the start of the layoffs? The people i know that were let go were all blue side employees that had a lot of projects they were working. Sadly cronyism is still alive and well at schwab.
Yes, I can confirm. It's happening right now. 8 people from my team were let go.
The best manager I have ever known left today. I am speechless.
Out of a 6-person team, we had one quit and two get laid off in the last two weeks. The remaining three are.... let's just say demoralized and demotivated. Our manager and MD had no input or even knowledge this was going to happen until this morning.
So glad to no longer be riding on Simon’s short bus. Noodles has been an epic failure.
Our entire org leadership was just let go.
Nobody knows anything
Hearing rumblings of a few people getting walking papers. Is this the dawn of something bigger?
This is legit. I'm aware of two individuals that were just impacted.
Green director here and I just heard tonight. I don't know what the exact plan is but it appears Schwab is getting rid of mostly TDA folks with a few exceptions. Flattening the hierarchy I guess. Kinda makes some sense due to Schwab management being scattered all over the place with green employees on the East coast and no real Schwab presence there. I kind of expected this tbh but not this year during conversion.
Yep. Heard the same. Tomorrow and the next few months won't be a lot of fun.
Some really strange behavior going on. Why do this now while we're all maxed out on the client conversion stuff? I guess Simon is going to have an all hands explaining how this is all normal even though most teams are short on numbers. Makes me think this is the start of something bigger.