This is a master thread about Charles Schwab Layoffs in 2019?
41 replies (most recent on top)
Looking for individuals who left, were fired or asked to resign AFTER the official layoffs were ‘done.’ If that applies to you, please reply here and if you’re comfortable post you job title. Thank you.
If Robinhood didn't popularize free trading, how long would it have taken Schwab et al to offer it? My guess is a very, very long time, if ever. An underappreciated aspect of the glut of VC is they're destabilizing existing oligopolies.
Why would anyone quit before the layoffs? Unless you got a better job. They are paying people for 60 days and then you are 'officially' out with severance.
I knew there was something up when the company spent millions of dollars on a third party consulting company called enlighten. Schwab manages exclusively by micromanagement. Those that stayed got used to it and performed within the high standard. Schwab paid just enough for you to not be looking elsewhere and kept you in control with fear and constant reminders of non important items. Then, after enlighten came, it was micromanagement on steroids! It was an everyday minute watching to the point I would get an IM from management if I was away from my desk for 3 minutes to use the bathroom, it was crazy. Every minute needs to be absolutely productive. Then, they tried to “silence” the team from talking. You would hear people say you are getting too loud or if 3 people were together the manager would come up and ask what you were doing. Tons of people are leaving voluntarily . The comment about errors and productivity is absolutely true. They won’t say it out loud, but it is happening. Tracking “waste” and making sure everyone is stressed beyond belief. I would get in the elevator on Monday’s and eveyday you would hear is it Friday yet? No one wants to be there. This company is going under and I got out right before the layoffs.
I voluntarily resigned my position last month as, I knew in advance the hammer was dropping. The focus has completely shifted to quantity vs quality. I disagreed with this directive as, errors were acceptable in terms of processing client transactions. If you’re an account holder at Schwab, take it from double & triple check your requested transaction was processed correctly. The morale is horrible as Schwab only cares about numbers. Sad state of affairs occurring at the top.
MDs walking out with boxes in Austin
Schwab moved the layoff schedule up, employees at director level and above have been notified this morning, or in many cases Monday.
Layoffs started today.
No they aren't. They work for Charles Schwab now.
USAA folks are not going to be laid off. Why? They are still USAA employees
can anyone confirm layoffs started last week?
Heard from a rep in Global Services that they laid off 20 people
What’s the status?
Actually started the cut??
Wish I could volunteer but they were not asking. Good luck all, sounds like next wednesday may be the big day.
Part of me thinks the severance would be better than staying. 10 years plus a full vacation bucket.
@56jnj I do not think the salary range will be PRIMARILY driving decisions, it's also a reorg - so we'll see what will happen... good luck all...
Yep, I think this is the plan - go over USAA folks - big time... There will be other casualties but I think USAA folks will carry the brunt...
Financial advisors are a dime a dozen and when they took over USAA, they already said many of the positions are redundant
Anyone know anything about Chicago? I know we’re in a higher salary range than Westlake
Makes perfect sense. Financial advisors are a dime a dozen and when they took over USAA, they already said many of the positions are redundant. Company layoffs are a good way to layoff a bunch of the USAA people.
Not sure how this will affect the Westlake location. For the retail division here it doesn't make a whole lot of sense due to the fact that they are currently working to finish a brand new contact center and there are fresh faces around the office every week it seems. No further details have been given to any reps at this moment in time, just like other locations.
If you guys actually read the article it said, “Many of the jobs eliminated are expected to be in the retail division that includes Schwab financial advisers and others who work with clients to manage investments, say people familiar with the situation.“ The word “many” does not mean “all”. So layoffs will be across the board with many expected to be in the retail division.
The WSJ article may have been misquoted. So appears to be 600 but not limited to any group. This was noted from the earlier mtg that the layoffs are company wide. So who knows how many from each location.
600 company wide is much different from the WSJ article where it positions it as retail focused.
Something doesn’t smell right here...
@4lsoc noted 2 months ago:
- I work in the Orlando operations center. We heard as well that there will be layoffs coming soon
Just received an email today that approximately 600 roles company wide will be eliminated starting the week of the 16th.
VP HR just announced Layoffs are coming in a all hands call
Layoffs are company wide and will be done by the end of September. They are starting with high level executives and then working down from there. They have already gotten rid of 2 high level executives. https://riabiz.com/a/2019/7/24/walt-bettinger-axes-current-and-former-schwab-retail-chiefs-terri-kallsen-and-andy-gill-funnels-responsibilities-to-jonathan-craig-for-now
Does anyone know if Austin and Westlake are effected?
You get 2 weeks for each year of service, plus a 2 month paid time of additional "work" plus whatever vacation time you still have on the books.
As I understand what you posted, 15 years with Schwab would yield 30 weeks in layoff benefits? Is the 2 extra months they given just an added sweetener? You post read as if one might get 2 months and 2 weeks for each year, which is highly unlikely.
You said: If you work at schwab there is info under "severance" and you can read the details of packages. basically you get 2 months paid plus 2 weeks for every year of service.
If you work at schwab there is info under "severance" and you can read the details of packages. basically you get 2 months paid plus 2 weeks for every year of service.
Internally it is understood the layoff will
occur very soon. Had anyone heard they will reducing non-people manager’s working in
the capacity of Associate, Specialist and
Sr. Specialist. Seems this is being done in conjunction with reviews too.
Does anyone have any clue as to how many weeks
per year they will give to those laid off?
This could be rumor, but September 18th may be the target date. We will see if that pans out.
Executive Council meeting in Denver 08/29/19. Layoffs to come, but not much more info about who and when.
?
did it happen to anyone, is it true?
Mid-year reviews are about to start. A typical management ploy is to give a below expectations rating to those they want to get rid of, even if past ratings where ‘met’ or better.
Older workers do not fit in their Kool-Aid factory.
What for them to be let go first. Why not first offers packages before laying off?
We have heard about the coming layoffs as well. At first we heard it was planned to be minimal but last week our manager let it slip that the layoffs will be across the board. That sounds a lot like “significant “.
Notified a month ago that there were going to be cost cutting measures put in place in Q4 but nothing has been said yet. T. Kallsen and A. Gill left suddenly to "pursue other opportunities".
I work in the Orlando operations center. We heard as well that there will be layoffs coming soon. Everyone works so hard and is so overworked. We are now rated by quantity and not quality of work.
Management is quite ineffective and marches to the beat of whatever the higher ups tell them.