Rumors in the air for post-TG layoff, especially for those remote with office shut down/size, or totally no office??/
19 replies (most recent on top)
Everyone talking about Schwab FTE , but how many removed from service company and direct contractor, are we factoring those people?
Schw layoff will be going on less scale in post TG state with decommissioning TD DCs and services by careful evaluation now. Given recent tech issues being exposed to public, layoff has been executed in scrutinized manner. But it wont be stopped. Those being forced WFH w/o offices should be heedful for the change. New CFO is checking the balance sheet and decisions were not made yet.
My Team worked on Integration. Now we have no work just left over work from other teams. Yes looks like there will be a layoffs. I have started interviewing.
Come and get me baby!
Layoffs with focus on Blue side will happen in October, people can call this BS or they can believe it, but they will happen, if you ask me, those who are not close to an office and have to file an exception every 6 months have to be worried.
Ann Arbor has pretty low numbers of people coming in relative to other sites… I kind of hope they will close or move it out of downtown.
No longer with firm. Why do you think St Louis will have massive layoffs?
Yes used to be the perfect job. After RTO I pray to get laid off everyday and have been actively looking for another job. You win Schwab.
I work in San Diego has a front-facing rep, we’re all remote now. My time has been absolutely wonderful so I’m assuming we are going to get taken out behind the shed, it would be karmic justice for the feeling of comfort. Hoping that’s not the case however, as I find the job to be the closest thing to perfect I’ve had. Good pay, reasonable hours, nice benefits, and most of all WFH without having to pay for gas and sit in traffic (which is my #1 pet peeve in life). Fingers crossed, please don’t shwurder us Walt
At some point, decisions will have to be made on cost versus service levels. Conventional wisdom is that the transition is over, so let the cuts begin in earnest. However, due to the numerous issues left unaddressed after almost five years, call volumes remain high, and may remain high for a while. So then you have to decide, is closing a site like St. Louis (heavily client facing) by day year end really a good idea? I’m not seeing it.
I imagine there are teams that will be cut but I would be shocked if client facing ones are in that picture.
Don’t know how thoroughly got turned into thoughtlessly. Both work, but it was thoroughly intended to be thoroughly.
I’m increasingly convinced the Glint stands for
Gonna
LIe
Now
Thoughtlessly
Work life balance last quarter was absurd with TG and RTO. It got better? Please.
There’s a swamp over a bridge for sale if you believe that.
"Eventually staff in closed locations are told to return to office and relocate at their expense. All thus with continued bad faith reviews and performance plans to get people to quit. RTO5 is likely."
My read is that they will require return to office for those who moved during covid without approval or are in closed locations in a targeted manner - pretty sure orgs were given numbers that they need to reduce by and this will likely be how they do it. I don't think it will be applied across the board, but for lower to mid performers initially. I also don't think RTO5 will happen in 2024. They saw an uptick in work life balance on the f'n Glint so they probably assume that if you crush employees slowly so that they acclimate over time it's a "win-win" - errrrr (I gave it a 1 but there are enough a$$ kissers to appease Rick).
IMO, it's more probable that once the Westlake garages and last building is ready and Southlake is ready, they'll do RTO4 across the board with Fridays being WFH. I think the goal is more like 28,000 (pre-covid staffing) over the next 2 years. They may require that all PL be onsite and not fully remote and I don't see any loosening of the travel and expense restrictions in the next 2 years.
This sh$t is going on in all of the legacy bank/financial institutions and they are lowering pay from my job hunting experience. I am not tech, but a tech/fintech wannabe, though I have a lot of wealth management and legal experience. From my perspective, tech/fintech is the only move for potential remote work and higher pay (until they are acquired or IPO). I think most folks on here are in tech so wish you only the best! I truly appreciate all of you and it's appalling that those on the front line during the integration were not given huge bonuses. But you know the phrase "win-win monetization" was worth an 11% raise for RW ( insert puking emoji here).
Any word on Ann Harbor?
Publicly the position has been no pending major layoff. Since Walt’s lied before…
My read is that we continue with quarterly layoffs of a few hundred. Small enough to avoid media and WARN exposure. Eventually staff in closed locations are told to return to office and relocate at their expense. All thus with continued bad faith reviews and performance plans to get people to quit. RTO5 is likely.
It’s then a tipping point. Are they making enough progress and realizing savings quickly enough or is it worth another cut? Some of this will be political as Schwab promised regulators that staffing would not take a hit as part of merger acceptance.
Ultimately we get to 25,000 or so by 2027. That’s a steep drop, especially when we hire interns and young people.
The question everyone should ask is what is right for them. Fidelity, USAA and other financials are just as bad. Do you let bullies win and resign or fight or suffer in frustration?
When the IMO shuts down at the end of the month, there will be massive layoffs.
any news in Denver location?
JC site soon as Edison DC decommission completed
St. Louis willmhave massive layoffs. Soon.