Heard today that Schwab is going to discontinue hiring in the US and all backfills and future roles will go to GCC. Has anyone else heard this?
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I'm starting to think that Chuck and Walt may actually be making these staff reduction moves in the hope that a buyer may come along and buy the company. It would give them both one last big payday and relieve them of this mess. Maybe a Morgan Stanley or Bank of America.
@47j America had been always land for opportunities, Now define it according your own needs
It’s great that our country is just an economic zone for businesses to make money and not a country of actual humans that need jobs to survive. I really love it when American corporations wear the skin of family while simultaneously further degrading their own company along with what’s left of the entire American labor force.
@ds I cannot agree more then this on the statement. we speed up the process for GCC for this team
@27g My memory is fading regarding this Team, which has been ongoing for quite some time. It likely relates to either Emphasis or Wipro.
The only roles left in the US will be customer facing roles and some enterprise leadership roles. The rest will be outsourced.
They already started the process to offload real estate.
@28z what is not remotely true
Not even remotely true. Relax people.
@23h which vendor
I worked with this team some time back. This toxic environment for non-MF people, people, especially the contractor side. People are backstabbed, maligned, and thrown out. No open communication and direction. Just one day you're not good enough. Who said what? No reason, no answer. They have a Kabbal of people which needs to be broken if still present. My view: just dissolve and reconstruct. Bring multiple vendors. Thanks. I'm away from team and vendor. God forbid I have to join such team again.
If only
I don't know about all new hires, but there is definitely pressure on STS managers to cut staff onshore (both FTE and contractors) and move positions offshore, so they can justify GCC.
Can be send all 02 team to gcc . Mo--ns will fit there
huge coincidence that systems keep breaking left and right as we hire more Indians, I am sure.
Certainly if your team already has offshore people, adding more will be the default…
That's not true but it seems pretty clear that for technology roles, the pressure will become extremely high to backfill attrition (or make any net-new hires) in India, and that will only increase over time.
There will not be a complete stop on US hirings. Client facing people will still be hired. For all others, GCC will become the default over time.
@OP this is not true. It’s misinformation being spread by people who would never be told if it was.