Thread regarding Charles Schwab Corp. layoffs

@xj
are you able to share what area you were in, like the MD-2?

I started having the "I'm ok to severance out" conversation as we started to merge in SCHW Green leadership. It took some time, but as my senior leadership chain became solid Green... the writing was on the wall for me and a Blue peer. They were fairly transparent in wanting to save Green people in my opinion. I eventually got more and more shifted away from me and finally severance came with a nice easy parting between us. Job market has shifted since my departure, but I'm sure you'll find something fulfilling if you don't decide on early retirement. Just start the conversation.

In 2023 when Schwab provided a heads up in June (I believe) to all employees that expense cuts, including layoffs, were coming- I told my boss that if I ended up cut, I’d be ok with that.

I was a PL Director reporting to an MD who reported to the person who was essentially responsible for ponying up the list of employees for my business unit. I was fortunate to have been made aware of some of the behind the scenes methodology of the process at the time, basically it was just a dollar amount for wage they each needed to cut, so higher up employees was the goal because that meant fewer total people cut.

I knew it was a big risk to tell my boss this, but he knew I was not happy in my roll and I just framed it as a win win and I guess we were on good enough terms, I had been there 8 years, and it just worked out. I’ll never know if me raising my hand is the reason why I made the list, because of course they didn’t treat it as a formal volunteer type thing.

I was happy to get the severance for a career reset and am now in a role that’s more enjoyable for me. By the way my current role requires me to be in the office 4 days a week.

I’d look at it like you have nothing to lose, other than your boss knowing how you really feel, but if they already know this why not….

I tried getting on the list years ago and was told Schwab used to take voluntary separation requests but then they lost really good people so they stopped it. It’s not going to happen OP - figure out another way.

Continuing small quarterly RIFs of 300. A big one will happen when there’s an economic excuse. If this year it would be October November. Positioning is hard. Volunteering is almost guaranteed to exempt you unless your reporting manager is really good. HR fears people volunteering and changing their minds. Especially when a protected class. If STS or core you can be competent and outspoken to get short listed. Retail is about locations and assets. Being in a closing location can help too.

you never know when inflation will ramp up because of mismanagement at the Federal level - by both parties. before you know it, your nest egg could shrink significantly. so make sure you have a significant inflation buffer.

@af sometimes sure. but really I mean that I enjoy my free time more than work now. work has become financially optional earlier than i would have guessed. so I am looking for a strategic exit.

OP, do you mean that you have also been working weekends lately?

@a8 early retirement is a polarizing topic. can be inspiring and aspirational or might be a mirror of regrets