Know of at least 1 person impacted, their manager confirmed it was part of the new quarterly cadence.
11 replies (most recent on top)
@qx Absolutely not!
@mj Nope!
@qx No. We suppress formal disclosure of layoffs as much as possible. No internal announcements, no employee lists, no specific X's duties will be assigned to Y announced beyond need-to-know and even then it is rare. WARN only applies when the layoff is large enough. Quarterlies are below that threshold.
@mj do they not have an internal WARN?
@mh WARN doesn't apply in any case because Schwab keeps the terminated people on the payroll as normal employees for 60 days.
Schwab is on a quarterly cadence of laying off about 300 people. Carefully spreading them out by location, so they do not trigger the WARN act.
It is only painful for the unprepared! No one is safe! Make sure you have a plan if you are laid off tomorrow! For the person that is prepared, it is a gift. Take the severance package a go somewhere else to up your salary!
There were a few upper level directors let go Monday. No widespread communication yet but multiple business groups are impacted and scrambling to message. Probably will end up getting a wider communication later in the week once it’s been hashed out more about who is moving where/taking what teams.
@a6 it was someone in Treasury.
Has been the case for years and well documented here. They usually impact 300 souls.
impossible
Source: Trust me bro.