Thread regarding Charles Schwab Corp. layoffs

"We're not gonna go back and change it. We're not. You know we're not in a situation where we're going to say, 'Oh well you know X number of people are unhappy or you know write posting and wherever in the social media in anonymous way and therefore we're going to make changes.'"

You are absolutely in a situation where you can say that Walt. You can say it at any time. You just do not want to. You can barrel ahead all you like being the one in charge, there is obviously nothing that rank and file workers can do to stop you from making poor decisions. The messages being made online did not come out of thin air, they are not random hooligans making noise. They are the people that work the jobs which make this company operate. The more you alienate by running roughshod over them, the less they will respect you, and the more the company will suffer. You are not a king, you are an officer. You have enjoyed an immense amount of wealth because these people chose to work at the company and facilitated business with the customer base.

It sickens me to know that the chief executive of this company has plainly stated that he absolutely does not care what his own company feel about his decisions. I am so sorry for the people who fought hard to make the company as exemplary as it was, who placed years of their lives into creating the spectacular profits the company faced, only to be betrayed in a single instant out of nothing other than a flippant thought of the word "culture," without for a moment considering what that word even means. Shame on you Walt, everyone considered you a better man than you are. --I-- considered you a better man than you are.

Omaha will be closed in favor of Westlake and Southlake

No comment on losing trust in an instant? Any mention of ruining employee morale across the firm? Or did he only state the obvious that they don’t care if people are unhappy?

The world Walt lives in he makes $24M annnually & that is not the world the majority of the firm’s workforce lives in.

Lol you can downvote my original comment but nothing will change, either go in office or quit

Lying is much better than being honest with the workforce. Walt is a superior leader and I am sure he will lead by example going forward and no longer work remote from his office in Ohio.

Acknowledgement is good, they might actually be afraid.

Literally his reasoning was nothing more than culture and being acquainted in-person with team members. I expected some market research or deeper considerations but I shouldn’t be surprised given the median age bracket in the EC.

@que+1njRiWNj
Sure just to summarize Walt said EC was thinking of the long term viability of a largely WFH workforce, it can have negative affects over a long enough time horizon, in regards to isolation from peers, collaboration, culture etc. You might not think so in the short run, but if WFH is the new normal forever it can change a lot.

@gpi+1njRiWNj

what case for RTO? He doesn't justify it outside of... "but our culture"

He admits that this has been planned for some time. Which is an admission of lying directly to the workforce for at least that long.

Watch the CRE numbers - offices with the least amount of employees in offices that are rented. He pretty much said this. Jersey City needs to go nobody can afford to commute into that place. ST Louis and Ann Arbor are good candidates as well. I can't see abandoning Omaha, has a strong on site presence.

That was actually a very nice presentation and Walt made a great case for RTO imo. Sure it was a surprise announcement, but it makes sense how they'd want to avoid leaks as much as possible. As far as which offices are closing it will probably be locations the company pays rent for, rather than locations they own.