Schwayoff season is here! Just in time for the holidays and spiking COVID cases. I thought we we're a Schwamily? Families don't just kick out hardworking people to save a few bucks, especially during a pandemic. I just can't believe what I'm seeing. All of these layoffs are to (former) TD employees while all the Schwabies get to keep their jobs. What happened to all the talk about "Talent wins out"? All I see is Schwabies getting the TD Accounts we all worked so hard to get. Seems like this whole buyout was just about account conversions.
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Knowing both companies very well, it would be a travesty if TD branch folks were let go in higher numbers than Schwab branch folks. Schwab employees are lazy as all heck and know very little about fighting for every dollar you make like the TD sales staff had to fight.
The were very open in communication that they wanted the best of both companies. They had intentions of keeping top talent, regardless of location, for a new combined force. Top performers and highly skilled individuals were let go on Monday. More insight tells us that a 3rd party was used to identify overlapping roles and they were responsible for the decisions. This went against everything the associates were told. TD Ameritrade and Schwab ought to be ashamed for saying one thing and allowing another to occur. It was expected people would be let go but not in the hands of Towers Watson.
Really, someone in HR said that? Just horrible! What’s going on with HR there? You’d expect more from that segment..... much more.....
HR/Talent Acquisition people referred to this as “trimming the fat.” In a meeting held Monday morning, the statement made was “it’s not like these were the cream of the crop.” Just downright ugly right now.
@1uei+17CFDbuA $200k base per year?!?!?!? You realize most of us make nowhere near that.
As a human, I feel for everyone that lost jobs today, but get over yourselves. I agree with the person above saying Schwab is being more than generous. What do you expect, a company to continue paying redundant roles because you think it’s unfair? Do you think Morgan or Goldman would do better? Go there. People being laid off are also being given priority to apply for other open roles and if hired back, keep tenure. Maybe we should have been in a stronger position and not been bought out.
And 60 days from today is Christmas. And last year the equity awards kicked off on September 11. Who in HR has no heart? I heard Schwab HR folks have been leaving one by one, not even waiting for layoffs. Humanity at Schwab has left the building. What a shame....
You all do realize Schwab has a pretty generous severance package, depending on your tenure. You can get 1 year of of base pay if you've been here about 20 years or so. You get automatic 60 days pay, remaining an employee with full benefits after being notified, and you just go home and stop working. You are then paid 10 days of pay for every 1 year of service, capped at a maximum of 200 days, which translates to max 10 months. On top of which you get cash for any remaining PTO accurals including the unused floating holidays. For those make around $200K base a year, there are worse ways to go.
I can confirm the layoffs are not just on the TD side. Friends at Schwab were notified today as well.
Schwab has gone down the drain over the past 3-4 years. The culture is horrible, and all the talk about Schwamily is nothing but BS. It’s all about who you know not what you know. Some areas are ok but most departments are run by incompetent leaders - especially HR.
Hey keep in mind none of the little guys at TD or Schwab chose for this merger to happen. Regardless, we are one company now and let's hope for the best for each other. Layoffs are happening for both sides. At the end of the day, we are all humans looking to sc-ape by. Just keep working hard and keep hoping for things to look up whether at Schwab/TD or wherever we end up later.
Any layoffs in washington state?
They've been attempting to weed out numbers at TDA Omaha since Schwab dropped their commission charges. Managers knew it was thinning by attrition to avoid unemployment and severance packages. There are many already out the door.
@cyg+17CFDbuA someday you're going to have to grow up and take care of yourself. TDA, Moglia, the Ricketts or whomever you think owes you something are no longer around.
@ntw+17CFDbuA yeah, you know what's sixty days from now to the day, Christmas is. What a wonderful Christmas present to not get paid anything anymore.
and why?
It should have been TD employees only, not people at Schwab as happened today for my team.
@eec+17CFDbuA My God you're embarrassing us at TDA. You do realize Schwab is calling the shots now. The ones who BOUGHT the firm? Not the ones who sold it and 'got the money'. Furthermore I hope you saw those severed are paid for 60 days plus their severance package? Surprise, they are paid through the holidays you are so worried about. Compared to many firms, Schwab is being very generous.
@wyl+17CFDbuA well if we're talking about all that money then why do it now before the holidays and not next Spring. They got the money.
@txe+17CFDbuA Fairly sure they don't care and neither would you. We're talking 26 billion dollars.
@gnv+17CFDbuA what kind of company would do something like that? Layoffs before Christmas, that's just downright mean. I wonder if TD knew about the Schwabie culture of treating people like this when they got all that money for the company.
Not just the TD side. Schwab employees getting cut too. And this after 600 were cut last year during this time. Bit to do this again during the holiday season two years in a row this time during a pandemic sends a bad message to your employees and creates a culture of fear and anxiety
"Seems like this whole buyout was just about account conversions"
Pretty much unfortunately. For what it's worth the ELT doesn't care more for those of us already in the Schwamily it would just be more costly to throw us away.
Capitalism at it's finest