I joined four months ago, I'd just like to know if Schwab ever has layoffs around Thanksgiving and Christmas or if there is no need to worry before next year?
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Oh they absolutely love laying off good people before the holidays! It’s part of their awesome culture, They have no remorse or morals because they keep doing it over and over. Then they go home to their family’s, collect their giant bonuses and tell themselves “I did what’s best for the company and my family”. They’ll find other jobs. It’s super cool!!
@ga You must have only been a paper boy before coming to Schwab or worked as a clerk in the supermarket.
The severance was disgraceful 10 years of service for months severance, combined with the loss of deferred compensation and forfeiture of sabbatical that was put off in order to try to help the firm get through the merger. Then, the next day or week, a piece of sh-t Walt announces everybody who remained gets shares of the company stock this distribution was from the shares that he pulled back from people that he laid off just before Thanksgiving shares of the company stock this distribution was from the shares that he pulled back from people that he laid off just before Thanksgiving. If you were a young person working at this firm get out while you can, it is truly a dead and company with limited upside, and a low probability of succeeding and making a good living for your family. No room for career advancement, and salaries and raises that do not keep up with inflation in most cases
Sorry for you, but let it be an experience to work in the most toxic business culture known to mankind.
2023 layoff was Oct 30th or 31st. 2024 layoff was, let me check my calendar, Nov 4th. WARN requirement is based on the percentage of total employees being laid off, and if WARN is triggered a 60 day notice is required. Schwab giving 60 notice when WARN is not triggered is at Schwab's discretion. Schwab has had larger layoffs in the late Oct - early to mid Nov with a 60 day notice to push the severance into the next year. This prevents the people laid off from getting hit by higher tax bracket for income taxes. In all my 39 years working for various companies, I have never seen a better severance package. Yes, layoffs can happen anytime.
Rick will get a better bonus for showing all of us the door
@OP, unfortunately one can be let go at any given time. That's the harsh reality of employment.
as an ex-schwabbie, i’d say you can breathe easy until after reviews in feb. next quarterly gutting should be in late Q1.
usually new hires don’t have a target painted on their backs for at least six months. unless your pay rate is absurdly high—you’re likely being lowballed, if anything—you probably have a couple years before you’re potentially on the block, based on history.
Everyone should be worried about their job, from c-suite on down to the janitor. You should always be aware of who is hiring, keeping the resume up to date, etc. Not saying interviewing, but know whats going on in your field and location. Your job is up the whim of the stockholders and nature. If your building burned down tomorrow, would the company keep you on? Doubt it, how could they? So always just be one step of the game.
if you are a new hire why are you worried about a layoff already? are you bad at your job?
There are quarterly layoffs all the time. The big layoff this year happened at the end of October and affected employees are kept on payroll until after the first of the year to prevent WARN notices from going out, and keeping you bonus eligible.
They did a big layoff in November of 2023 but only smaller ones since then in various dept.