Thread regarding Charles Schwab Corp. layoffs

@16b Garbage in, garbage out - all the same whether it starts with AI or manual code. AI is not the nirvana companies think it is...most c-suites jump on the latest red herring and ride it to the end while companies die. AI can be used for efficiency but not to the extent some are pushing.

@dr Congress is in charge of changing the auto extension. Trump cannot do that. Do some research. Lots going on still behind the scenes. Modi wouldn't be as pi---d as he is if Trump wasn't hitting a nerve.

Is this good news though? Seems like it could be but might not be. Considering my future major and would like to know.

US - no AI allowed. Over in India, they use it daily, and still can't get things right.

The tech teams are so bloated, yet nothing gets better.

They just need to clean out the 15 layers of tech/cyber people. Like, seriously, nothing gets done and they just use google or reddit to "claim" to have an idea.

@12k Good. The GCC should never come to pass.

@yz The HIRE Act puts a 25% tax on US companies paying anyone in any country to do work with a US benefit.... the GCC is about to get much more expensive unless the current administration backs away.

Yeah …. just makes Rick’s new GCC initiative more imperative and puts downward pressure on salaries for US workers.

@ms There is very little high skilled people in 1ndia compared to the high skilled American workforce. We need to tax/impose fees on every offshored employee or contactor.
Write your representative. You don't think Trump did this on his own, we've been writing and posting online near nonstop.

@qf Accelerating offshore no doubt. We need a huge fee or tax imposed on US corps who offshore more than 10% of their workforce. Or a $100k per year for every offshore employee or offshore contractor.

Yeah all of a sudden now my american manager will start vibe coding with AI after doing nothing for 25 years. Good Luck With That!

@n1 they've probably been scrambling, I have some bigwig family members in another company and they were talking about the new h1b visa stuff and how they're still trying to figure out the impacts and making sure people don't leave the country or bring them back ASAP.

Commerce Goon Lutnick said this would be an annual fee of $100k. After a call from Quisling Tim Apple, the WH backtracked to making this a one time fee only for new visas. It should still achieve the goals of further ruining health care and accelerating offshoring. Line go up!

Regardless of your opinions of H1B, the end result here won't be to bulk up on American jobs. Companies will continue to find ways to save money every way they can.

No more loop hole for Rick

This says it all. The H1B program has been a fraud against American workers for a long time now. I can guarantee you there is nobody coming out of India that is more qualified to fill a tech job than an American worker. It's always been about hiring cheap labor over highly qualified, more expensive, American workers.

"Reports also indicate that many American tech companies have laid off their qualified and highly skilled American workers and simultaneously hired thousands of H-1B workers. One software company was approved for over 5,000 H-1B workers in FY 2025; around the same time, it announced a series of layoffs totaling more than 15,000 employees. Another IT firm was approved for nearly 1,700 H-1B workers in FY 2025; it announced it was laying off 2,400 American workers in Oregon in July. A third company has reduced its workforce by approximately 27,000 American workers since 2022, while being approved for over 25,000 H-1B workers since FY 2022. A fourth company reportedly eliminated 1,000 jobs in February; it was approved for over 1,100 H-1B workers for FY 2025."

Irrespective of what one’s views on immigration and H1B policies are - for vs against, Schwab didn’t even have the basic courtesy to send any details about this rule change to the employees even today on Monday. It probably is a reflection of the company’s lack of concern for employees in general whether they are citizens or immigrants. The lack of communication and transparency is a broader theme and probably more revealing than anything else.

This isn’t a policy that helps American workers or the country—it undermines both.

Companies will stop bringing talent here. At $100,000/year per employee, it's going to be far cheaper for many firms to keep work offshore —or to hire abroad rather than bring someone here under such a high cost burden. Can anyone say GCC?

We lose out on tax revenue and local investment. When workers are in the U.S., they contribute via income tax, local spending, property rents, etc. If they stay overseas, that revenue flows elsewhere.

Skills shortages will worsen. Many crucial sectors already struggle to find U.S.-based workers with the needed training, experience or specialization. Artificial Intelligence, biotech, software engineering—these are fields where domestic supply often falls short. If we impose cost barriers, how many US projects will simply not happen because the talent team is incomplete?

Innovation and competitiveness are at risk. If America makes it too expensive to hire high-skilled foreign workers, startups and big tech alike may lose their edge. At a time when global competition—especially in AI and advanced tech—is intensifying, we need access to the best people, wherever they’re from.

“Train Americans” is only part of the solution. Yes, investing in education and workforce development is vital. But that takes time. Meanwhile, policies like this one can cripple businesses that depend on a global talent pool right now.

You’ll also have a much higher chance of dying, because 30% of medical residents in this country are on H1-B. Our medical system barely functions right now, and relies on the underpaid residents to stay afloat…

Yah so they open offices in India instead! Be proud!!! Meanwhile they layoff great Americans with good educations. It’s disgusting. However, karma will ultimately take care of all of them!

H1Bs rule the USA... No one can touch them not even Trump! Failed miserably in first attempt already.. lol!

they can open an office in 1ndia but it won't be very effective if there isn't a us counterpart telling them what to do - they want no ownership of anything and are never wrong

@ak Why would people or bots downvote this? The RESTRICTION ON ENTRY OF CERTAIN NONIMMIGRANT WORKERS make it clear that it is absolutely correct.

Off shoring companies have bribed the elite leaders with cars and vacations. They will ship the jobs offshore.

And they will just open a new campus in India, outsourcing is a well known American business practice.

Everyone says This administration is using proclamation as photo opp only.

If this 100k does not apply to existing H1b, how our new graduates able to find job. If this administration serious about fixing anything , they should have used Congress/ senate route while tightening rules so it will become permanent but this is exactly opposite.

First, issued millions temporary work visa and then stopping new ones but what about damage done already. Nothing will be fixed until strong wage rules apply to existing temp work visa holders. Everyone knows H1b is just one but l1/tn which are not numeric capped and are unlimited with open work permits. Worst , both those visa folks spouse can work any job at any wage same like h4/opt/cpt. Whole temp work visa is labor game only.

Why current administration did not end auto extension for 540 days all those millions who got open work permit ? There were number of ways to do that but till today it’s valid.

Why DOJ advocating for work permits for h4 folks which stolen close to 1m jobs?

This is same like border us closed by Biden and do not come by Kamala. This is well crafted policies to drag the matter for another 4 years so it’s someone else problem. Not fixing permanently and using proclamation or rule making route, always changed in future with just stoke of pen by next administration.

What a game. What a shame.

First the H1-B’s, then the overseas work. Future’s looking bright fellas, we’re so back.

Announcing their intent to move all the skilled tech labor positions to Hyderabad at the same tame as RTO4 was a brilliant tactical maneuver. They got everyone outraged and looking the other way without seeing the much grimmer long-term reality.

These jobs aren't coming back on shore, not at SCHW. Why sponsor folks at extreme costs when you can just pay them a lower wage without rehoming them? What do people think the GCC is for? The president can continue to spout wild nonsense, but the technical leadership has already made their play and made it public.

Game respect game.

Noted in the writing is that this is at the discretion of tRump. He’ll just make tech CEOs lick his boots and give him gifts for the fee to be waived.

If you are currently abroad and on a valid H-1b visa, starting Sunday 9/21 you'll be barred from re-entering the U.S. - unless you or your employer pay $100,000 to the U.S. government.

This is quite cruel. Probably will not stand up to legal challenges, but still bad.

There is no army of US citizen tech workers just waiting to get all these jobs. Rick is just moving them all to India.