Are we really going to close more offices and move to RTO 5 days? I am so worried about having to pick up and move. It is getting harder for me to work. If this is happening, do we know when the announcement will be?
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Where does most of our Bank staff work? It’s clear we are shrinking the bank…Initially sounds like leveraging others to offset our capital requirements, but would be surprised if that’s it and we don’t shrink our operations around it.
There are two office buildings in Austin. The main campus, Gracy Farms, is NOT being closed. Let's end this rumor now! The other building's lease will end and not be renewed. Those people will move to the Austin Gracy Farms campus.
There's no way in he-l they're gonna close Austin. They only moved to the new campus a few years ago and it's not all "low level customer service people". Lots of RPS, RBS, Marketing, Legal, Compliance, Risk Management, IT, Trading and other folks that would be really hard to replace let alone convince to move to the DFW. If they are gonna close any location I would put San Francisco at the top of the list.
With austin real estate values as they are it would make total sense to offload that property before the bubble busts. That location is a relic of the cybertrader days and cybertrader is long gone. It's all low level customer sevice people that they are probably going to offshore anyway.
Yea, how confident are you that they really are selling off the Gracy Farms campus? Because I don’t see what will happen to the thousands there. Are they going to let them all work from home or force them into moving to Westlake?
I can confirm that they are looking to shutdown Austin by the end of 2025 and no later than EOQ2-26.
That’s over 2k people they will have to let work from home?!
I can confirm that they are looking to shutdown Austin by the end of 2025 and no later than EOQ2-26.
I would think Chicago. Texas is cheap but someone did hear a rumor that Schwab was looking for a buyer for the Austin office. Who knows?!
It has always had that question, but seems weird they’re specifically asking you to fill it out now.
I also don’t think it used to have short vs long-term willingness but I could be wrong.
I am predicting 5 day RTO, Chicago/Austin/NYC (one of the two) closures coming this year. Will be curious to see.
If you’re referring to your Talent Profile in Workday: it’s always asked about relocating, predates COVID/ WFH,
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Do not you feel lucky to have Saturday and Sunday off, if 5 days comes in effect ?
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And now they want to know in my talent profile if I am willing to relocate?!
If they do implement 5-day RTO, please don't quit over that. That seems to be what they want you to do, so don't give them what they want.
Just another tactic to get employees to quit. Goal is to bring down headcount. Schwab is hoping people are unable to rto. Get it?
What would happen if people just left in huge numbers?
Out sourcing .. Indian service company waiting for it
Makes sense. They don't need two big campuses in Texas. Austin is 90% call center and those people are pretty easy to replace.
I heard they were looking to sell the Austin campus. Seems like there's an awful lotta people there to just layoff everyone off but a lot of Managing Directors in Austin have left the company in the past few months which is telling.
They would promptly be replaced with ex consultants.
What would happen if people just left in huge numbers?
I am done.
They’ve changed the remote work policy on us numerous times since they finally relented and let us WFH well into COVID. This really sc--ws with people’s lives. Walt doesn’t give two sh-ts about the impact on employees and will find a way to spin it (the way he tries to spin the disastrous stock performance under his watch).
Never underestimate the greed of the Schwab EC. Walt was already hinting at getting rid of work from home when he kept saying during his leadership call it is going “ok” and how some people are not adhering to the policy. Per Walt this could result in it going away. Do not believe his smokescreen this is the plan and I do believe the beginning of 2025 is when it will happen.
During the same call he also mentioned relocation so I do believe Schwab will mandate people that are not important, Director and below, will be forced to relocate on their own dime. This is a quick and easy way to increase attrition and not have to pay severance.
In closing, I do believe the EC would love to change the severance package but will wait until a later time to do so. They know this will result in a huge decline in morale especially with their senior staff. They will likely wait until things settle down some before they go this route.
To me it’s all still conjecture and rumor mill, but I am hearing an awful lot of it. Smoke…means fire?
Schwab leadership hates WFH. They want to spend less wherever they can (except their pay packages), and they know employers now have the upper hand.
Looks it. And by year end.
Only restraint is limited office space in some locations. Given the need to cut costs and wanting labor out it’s likely to be brutal. Doubled up cubes, make people move.