I keep reading in various threads about coming layoffs but there's no concrete info on when it might happen or what will be hit. I'm stressing over it and I don't even know if it's true. Is there a round coming or are people just speculating on what might happen at some point?
21 replies (most recent on top)
Face it! There will ALWAYS be layoffs!
Prepare yourself for it. Better safe than sorry!
If you cannot live with the uncertainty, move somewhere else, otherwise you are just going to feel stressed out!
Did an e-mail go out about the re-stack? I didn't get anything.
News did drop that they are restacking and not all shifts will be available at all locations any longer. Not technically a layoff, but come on.
Fake news
@ciec+1tU3hq6U what news?
News is dropping on Monday.
if not layoff , there will outsourcing for sure
- > Schwab may have frozen Visa hire
- > but service company have not stopped transfer
- > so now Schwab work in done by service company
- > if you are from tech look for team member and location and status fte or non-fte
Get a clue of course there will be more layoffs. Are you at all informed about the economy?
Trolls
Your choice:
- Deny the writing on the wall, do nothing, get whacked, and cry!
- Get prepared, start looking, get another job, laugh all the way to the bank!
99% of the people on this forum picked "a" last time. Now they whine about it!
Nonsense. Assertions without merit or evidence.
The next round is planned for September. The target is a 3% reduction this time.
It will hit middle management harder this time. Schwab has more management levels than companies 10 times larger. Not only does it cost a lot, it slows down decision making.
'If revenue goes down for the next 2 quarters and interest rates aren't reduced then there will be layoffs. In the org chart for some orgs you will see a director reporting to another director why do you need 2 directors or a MD reporting to another MD they will get rid of such duplicates'
Shouldn't this be the case even in the best of times? I thought the last layoff was supposed to deal with this?
It's only a matter of time. At some point, you really have to ask yourself if the stress is worth it.
Best advice… don’t pay attention to the craziness that is this message board.
If revenue goes down for the next 2 quarters and interest rates aren't reduced then there will be layoffs. In the org chart for some orgs you will see a director reporting to another director why do you need 2 directors or a MD reporting to another MD they will get rid of such duplicates.
https://www.thehindu.com/news/national/telangana/leading-financial-services-firm-charles-schwab-choses-hyderabad-as-prospective-location-for-its-first-tdc-in-india/article68500046.ece
Yep, get that resume ready.
As someone who was laid off at Schwab on the round where thousands were whacked, I can’t stress enough to update your resume and start applying for jobs. The job market for FINRA licensed people is tough and there is a lot of competition. I was able to land a job that pays decent, the workload is nothing like Schwab which was a sweat shop in comparison and they have competent management compared to Schwab leadership. The grass is definitely greener. Be in control and start applying and get another job before the next major layoff. You will be better off leaving a mismanaged company, who treats their employees poorly and has lost their way.
Layoffs are done. I wouldn't expect any more for a long long time.
Last post said
“The company is also looking at forced attrition as a goal. Make people quit. Come up with illegitimate reasons to fire them”.
FACTS!
Document all your interactions. Keep great records. Consult an employment attorney.
Don’t stress. Prepare.
There will always be a next layoff. Contrary to public statements, there have been two this year and will likely be one more. These are very small with only a couple hundred people impacted. This was announced in 2020 as a quarterly.
While Walt has publicly rejected the idea of another large multi-thousand person layoff this year, the facts are that Schwab needs significant cost cutting and the street is punishing the stock. Eventually Rick becomes CEO. And new executives have highlighted cost savings backgrounds.
Walt also said Schwab would continue with WFH as-is weeks before announcing a multi-month long effort and the perfect RTO plan. That plan was so good it was postponed a quarter. And lots of people aren’t following it anyway.
The company is also looking at forced attrition as a goal. Make people quit. Come up with illegitimate reasons to fire them.
Plan. Build a network inside and outside Schwab. Many are hired because they know someone or someone knows them.