Any word on if/when branch network layoffs will occur? I’d imagine it’s got to be after the September integration wave but branch leadership has made some really stupid choices this year so nothing would surprise me.
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BM here - The story has changed several times in the last week. First no branch layoffs, then inverted pyramid,, now it’s a crapshoot. I don’t know how our team could run leaner than we already are.
Since the pandemic we’ve worked so hard on integration, focusing on culture, retaining/attracting talent, and getting new FCs trained up. All of this takes time-years. Just a few months ago we were tasked with building up FC practices-FOR WHAT PURPOSE? Just when we were finding our footing again this happens. All of this work was done for no reason. All these BS initiatives and ERGs and new policy rollouts and new systems and new metrics. The list goes on and on. They don’t want people, they want machines and I fear this is just the beginning for the entire industry, not just Schwab.
The good BMs/ABMs don’t have anyone disposable on their teams. The thought of losing anyone makes me sick to my stomach and I don’t see a path forward for myself at Schwab after this. I’m either going to quit now and make my RME do layoffs for me (if they’re still around) or I’m quitting after my bonus (which, despite all my work and the fact that it’s half my total compensation, will be diminished this year).
I’ve been around a long time and most of the BMs at Schwab are here because of the teams they’ve created. The work is incredibly difficult but it’s worth it. The investment in our people is worth it, and I thought Schwab also recognized that. There is no coming back from this. Schwab will not be the same after this and it’s no longer a company I can work for. At least other firms don’t pretend to be the good guys in the industry. You know exactly what you’re dealing with. Thank you, Schwab, for the clarifying exactly what you are and how little we all matter to you. Frankly I’m embarrassed it took me this long to figure it out.
I don't forsee FSB/UHNW being included on a list of potential/targeted areas - would it just be middle managers or directors potentially impacted, or FC/CRS? Or is no one safe
Definitely needs to be branch cuts. I see id--ts making 400k plus and they can barely use a computer.
Last time there were layoffs in the branch network they occurred in September. So yeah, maybe they wait until after TG3.
I think non client-facing hits this Friday and Monday to report “efficiencies” for Q3 earnings. Branch would likely happen towards end of September for Q4 earnings (factoring 60 day period).
Curious about this too and if it’ll affect retail branches more than UHNW, FSB, AT, and National Branches because of the corporate real estate costs.