There are plenty of articles out there that are shedding additional light on the criteria for what led to these layoffs. Schwab has stated that the layoff would only effect roughly 1000 employees and the rest would be real estate. But the math aint mathing. They wanted to eliminate $500M in expenses going into the new year. Which would be roughly 8K - 9.5K employee layoffs + Real Estate in order to meet that goal. Schwab has acknowledged that the real estate expense was secondary to salaries, and it's common among business anyway to be the case. Their real estate expenses are not that high to further bring down the number of layoffs.
I digress though. My point is, that with the merger coming nearer to a close. I do believe that they will start to layoff client facing associates. It also sounds like, from other posts on here, that there are those that are quitting in droves and plenty that have been laid off that were client facing however. Which the quitting, I'm sure they were hoping would happen so they can continue with the notion that they weren't doing that to the client facing reps. I'm sure my position will be rendered un-needed when the time comes, to be honest, that would be great if they lay me off. I'm probably one of the few with a good outlook on that severance pay as I've been here for a long while enough to garner a larger cut of that severance. 6 year isn't bad, but it's beneficial for the criteria needed for a larger pay dump. Anyway, please lay me off Schwab if you're reading this. LOL
Link: https://riabiz.com/a/2023/10/18/schwab-again-declines-to-say-which-staffers-will-get-pink-slips-by-christmas-to-save-500-million-in-2024-expenses-and-the-math-remains-sketchy