A layoff is just a fancy way of saying you no longer bring value to the company for what you are getting paid. All of these employees have stayed stagnant and have not improved their skillset. Look in the mirror.
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Ha! Talent has nothing to do with layoffs. It's about the bottom line.
Don't be tense , OP is probably works in Tools team .
OP may not even tech major, or got into tech because of money.
OP may be not in finance forget him / her understanding the money .
OP may not even understand code which , OP had written, or trained on tools which Schwab had paid money.
OP may sweet on face, vicious behind , backstabbing people at blink of eye.
OP has no understanding of layoff he is living in comfy zone.
Ha! Talent has nothing to do with layoffs. It's about the bottom line. Look at all the outflux of accounts because of the talent that left. These customers followed their advisors to other firms. Look at how sh*tty operations are now - because the people who are doing the real work are laid off or forced to terminate. Don't deny that no one can tell the difference in performance.
Op, is drinking Kool-Aid just wait for some time , when your word apply to you.
Not entirely accurate.
https://riabiz.com/a/2023/11/3/schwab-2000-layoff-aftershocks-roil-the-industry-as-its-revealed-top-tech-talent-led-by-widely-regarded-veteran-kartik-srinivasan-were-axed-raising-questions-about-future-of-schwab-innovation
@7zfc+1t6a4n8K
you may be a lot more blunt than I would be but thrre's a lot of truth in what you said. I believe in handling these things compassionately but I think we went to an extreme ladt october that does more harm than good. Performance was the number thing looked at when deciding who stays and who goes and we owe that transparency to both those let go and those who remain. The people let go need to know this so they can be successful in thejr next job and the people who remain need to know iso they don't feel they're hard work is for nothing..I knkw this maybe a hard pill to swallow but use it for self improvement and it will pay you many dividends for the remainde4 of your career.
We had a few Directors in the former IO&C get laid off and I know it was because they asked questions and encouraged debate. Back to the fields, ye Schweeple, go graze!
Yeah how did Jamie Dimon get a job after he was laid off. Obviously he knew nothing about banking and could not hack it.
Re: @7zfc+1t6a4n8K.
Taking the b8... We lost someone that was going above any beyond year after year. They either made too much or they pi---d off someone above them. This person worked at Schwab for 15+ years and was by far one of the best people in STS. Taught me a ton of things over the years. Since they left, our team has been underwater just trying to take on all the day to day work this person did + our normal areas of work. All the code and processes they implemented is now being supported by 1/3rd less staff and without the person that authored them. We're one person away from colapsing because our MD/Director didnt understand this persons importance. The last 7 months have been awful and we're all looking and interviewing.
Disagree. I have seen many excellent people laid off because of high salaries, a reduction in the business need, a Director feeling threatened and sometimes just the general need to shrink a team. Yes, it happens.
Couldn't agree more. I've about had enough of people claiming to be "top performers" who were laid off. You weren't or you'd still be here. In my 18 years I've yet to see a top performer get laid off. I suppose it's possible that certain people got an exceeds or far exceeds review then started resting on their laurels or they decided to quiet quit when they found out about RTO but I assure you that if you were let go it was because you were not currently meeting expectations. No company gets rid of good employees. They're just too hard to come by. That defies logic. That's why I never hire anyone who was laid off from a previous job. I don't care if it was your last job or the reason for the 3 month gap on your resume from 10 years ago. If you were laid off then you will not be on my team, PERIOD.
How many total were laid off today?
Stagnant! How about all of the so called leaders who have worked at one company for 20 years…and many in the same job! Maybe they should go first to fix the mess. They’re like government employees. They’re not doing any good at this point!
'A layoff is just a fancy way of saying you no longer bring value to the company for what you are getting paid'
It's actually a fancy of saying Leadership, Managers, and Directors are unable to manage their labor force effectively to meet business needs. Also, going long on near-zero bonds is one of the stupidest plays in 5,000 years of financial history.
Academics will be writing books about this for centuries. 'This time is different'!
I have met no engineers that wrote code on pinch cards. SCS tried to scan one of those components packaged in punch cards, and had no idea what do with it. Thats the SCS we know and luv.
"I have met way too many TDA "engineers" that have zero linux skills. Lookin at you SCS!"
Gonna have to be more specific there, because there are a few teams who do
I have met way too many TDA "engineers" that have zero linux skills. Lookin at you SCS!
Schwab laid the linux platform owner off and now we're stuck dealing with TDA fools and their awful director. That group doesn't have a clue how to deal with even simple problems. There were cuts made that only made sense if you had power and felt others were a threat to people you liked better.
OP define Skillset ,
Put some light what was your skillset in past and now what it is?
Top down - that is how #hit flows - they are never held responsible for the chaos their inadequacies cause - layoffs are occurring because they needed all the grunts to complete the merger - now they treat you like trash - their trading system goes kaput one more time they will be hiring like crazy to figure that bungle out!
@2azm+1t6a4n8K
20% of MDs were let go in the October cuts.
At this point us lower peeps needs to push these fixes in and ask for forgiveness. Please go ahead and fire us for doing the right thing. Let's see what happens.
I thought the layoffs were going to be top down. Instead it was the opposite. The people doing work got let go and the dummies up top kept theirs jobs now we are paying for it. Things need to change our process it broken. Higher ups are seriously causing these issues which could be fix pretty quickly what joke.
Another looser you have no idea.
Either he/she is in team which never does any serious work.
They may get away with buzz word
Yes including you... Who wrote this post. No one cares if you dr0p dead t0day.
Due to inability to put together a grammatically correct sentence.
Another person who is out off touch from reality.
There is something know as ROI
Let say you are H1B getting 120K , know company is brining another h1 who can work 100K.
When you will be released or laidoff .. it is due to skill or ROI?
Wow. Ignorant much?
I r8 8/8
Nice b8 m8