Taking the personal aspect out of this and looking at it objectively. What Fortune 500 company would purposefully pi-s off their entire workforce by mandating a rigid RTO policy, only to follow that up with a very generic “there will be massive layoffs soon” notification? They are in the midst of the largest conversion in industry history - with many working long hours, weekends, and holidays to ensure the trillions of dollars changing hands goes smoothly. To purposefully destroy employee morale at such a critical time seems reckless and dangerous. Is there something bigger at play behind the scenes here? The past few weeks have been wildly out of character for the firm and things are steadily getting worse by the day. What is REALLY going on?
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I am going to scream if one more person says the pandemic is over, time to go back to the office. Read emails from 2021 and 2022 specifically one from 8/19/2021 titled "Fostering a Workplace Where Employees Continue to Thrive". Also one from 8/24/2022 titled "Reaffirming Our Committment to Workplace Flexibility ". The 2021 email talks about humility being a strength and that they have heard what employees had been saying thus empower managers to approve WFH schedules, including full remote work which makes sense!
So stop saying that the pandemic being over is the reason for RTO!!!!! I personally think Walt had enough because people weren't honoring their schedule. A huge amount of people said they would go to the office x percentage a week and they did NOT! So those people aren't that concerned about going in a few days a week but have royally screwed the rest of us!
Cut me a break on rigid RTO policy. Schwab's approach is to let you WFH 40% of the week and give you 4 extra weeks to WFH. That's not rigid! Thats incredibly flexible.
Every company is going back to the office now. Pandemic is over. This isn't about Schwab trying to pi----f their workforce. Its about America going back to work. Schwab is doing what every other company is.
The email I read spoke of targeted reductions where duplication of work is present. Not sure what you are talking about or are you panicking and overblowing things?
Has anyone else heard the leaked layoff information?
Specifically about cutting the 900 legacy TDA employees that have yet to move over?
The legacy TDA heads located at any of the closing offices is part of the auto-layoff in September to be concluded prior to fiscal year end 2023
Desperation.
Anyone who thinks this is a rigid RTO policy is absolutely delusional. It’s literally 49% WFH.
RTO - I don't think it matters in the larger context of what has been communicated this week by the bufoons that are running this company. Too bad if he wasn't happy - things were still getting done - the first couple conversion windows were met. POOR JUDGEMENT and timing on his part all around - but I imagine the EC and Board of Directors are behind everything they are TELLING him to say. This isn't all HIM. He is also being directed by the EC and Board- he is just their PUPPET! Too bad for Walt and his milllions
I’m not a company man/woman by any means but Walt was not very happy that many people had made commitments to come into the office 3 days a week since August, and didn’t make good on those commitments. So we can all thank those clowns, which included many directors and above. I am only talking about the RTO
I tend to agree. I can’t imaging saving even $500 million by scaring tons of employees into leaving is at all preferable to not bungling one of the largest mergers in history by purposefully inciting animosity and anxiety. Genuinely rather confused
+100 makes no sense all these repeated fumbled communications seemingly designed to anger the workforce
"They are in the midst of the largest conversion in industry history - with many working long hours, weekends, and holidays to ensure the trillions of dollars changing hands goes smoothly.
To purposefully destroy employee morale at such a critical time seems reckless and dangerous."
Like it has been said before many times -perhaps a scare tactic to get people to leave without paying severance. Don't think it is not above them, all they have done with the message this week is have people monitor this board and not give a hoot about any work they needed to do. They sent the email because the numbers will be bigger than can be hidden. It really is a shame to communicate this way - people are on edge, unproductive and basically don't give a rats a$$.
You do this to make the books look good if you are getting sold, however Schwab seems too big to be bought unless the plan was 2 buyers and they split the bank & brokerage. I'd say a 0.1% chance.
Maybe just greed. Give shareholders value at any cost.