If this doesn't explain it all. We are down 5% pre-market. I just wanted to congratulate all of my peers on another cr-ppy quarter where companies like Bank of America and Morgan Stanly are moving up but we can't figure it out. Time to outsource our IT teams and reduce cost dramatically. If this isnt a sign for more layoffs, I do not know what is. They are not providing much value. RTO is really helping us move forward and make a better culture. Because thats what pays the bills.
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“Our main problem is a lack of quality employees”
I’m in Move Money Solutions Operations. The majority of us are very good quality reps, but we have either terrible managers, or managers that can’t do anything bec of who is above them. Somehow being fully remote doesn’t help take the stress off -when you have a manager that micromanages the h3ll out of you. A manager who’s come either drunk or high to several teams huddles, berates us so many times I can’t count, tries pitting us against each other (luckily that hasn’t worked), then each day after these types of antics, acts like nothing happened. This “manager” has left on leave several times, assumingely to get help, comes back a month later seemingly refreshed only to turn on us again. And we can’t do a single thing about it. I have made updates to outdated procedure instructions, sent emails to aid in upper management collaboration meetings to help get all related teams on the same page about policies & procedures.. it’s all been in vain. Literally we will have meetings over and over discussing the exact things I’ve sent in emails, I’ll point them out that I’ve sent info on that, ask if they’ve read it, and say they have, but the discussions still go on as if there’s no conclusion. It makes no sense. And multiple days in a row I’ll get questioned on why I took so long on a case, why I opened a case 15 mins after I should’ve been off (so talking about how people are packing up 15 mins early.. I get scrutinized if I try to do more), and the kicker of them all.. why I’m not producing more cases than I have been, meanwhile every single person on my team is not only meeting the efficiency goal that our manager has set, we’re usually well above the goal. Tell me what is the point of a team goal if we meet it, but are still yelled at for not doing more? Since we transitioned from TD to Schwab in Sept, it’s been a rollercoaster of emotions that I have just not been able to handle anymore. And what’s nuts is I had this same manager at TD and they were just fine then. Schwab has brought out their crazy I guess.
And us low level reps that care so much about doing right by the client, versus cutting corners just to process more, get paid absolute sht. Imagine living in San Diego, busting your a* getting yelled at, sweating, nervous about being called out in huddles (sadly a daily occurrence for us), and only making 25.82 an hour :-/
EC are a joke! incompetent middle management that compensates the lack of expertise and knowledge by playing politics. Management without experience or technical skills can go kick rocks!
Let's hire a few more EC members. That's really what we need. Yup. That's going to fix everything.
Well, well, well looks like getting rid of and really doing harm to the lives of over 2k mostly very good people didn’t help! Maybe you could’ve left them alone. Did it make a bit of difference aside from loosing some great people?
Down over 10% today!!
We did THAT!
As Buffett Said. Keep Calm and buy S&P 500. Ignore everthing else.
Walt's statement is we will shrink the company further. I do not like how that sounds one bit.
I watched a lot of employees leave. The good ones. Brats stay because they can not go anywhere else and the managers do not know how to manage. "I can't fire them". I call BS on that. Learn how to manage. Stop counting your KC awards. Stop buying new houses. Stop buying your new fancy car. Stop.
Our main problem is a lack of quality employees. I spend my days listening to my team of entitled little brats complain about RTO, work life balance, the unfairness of the new responsibilities I've given them, et cetera, et cetera. They start packing up around 3:45 and and you won't see a one of them a second past 4. I've had things come up over the weekend before and not a single person on my team of six answered the phone or responded to my emails and texts. Worse of all, I'm being told from above I can't fire even the worst of them. Thus company is sinking like the titanic and I place the blame squarely on the front line employees. May god help us all!
Peter had a very positive email this morning regardin Q2 financial stats. no mention of being down 6% in net revenue and that is why stock is down 6.5 pts, when market is up 595 pts. Repeat ,market up 595 pts,schwab down 6.5 pts. Forget getting rid of STS, let’s take a closer look at who is making decisions that are not beneficial to our bottom line. No more yes men…. MSGA…make Schwab great again..it’s not to late…
i have been putting in 1% from last ESPP enrollment, but upped it to 10% with this next offering.
What a Joke. Thank god I sold all SCHW and bought NVDA and more than 10X my money.
Should have spent my ESPP $ on ANYTHING except this stock and I would be in better shape. I love how leaders dangle RSUs at us. They arent worth anything. Give me a bonus, a reasonable salary and flexibility please.
And yes, its time to FIRE STS! Directors too.
Walt. Please take this opportunity to get rid of menace, tiny and says. Be a leader for once. Only we could be down in a roaring 20s market.
STS is bloated, but there are a lot of good teams. STS need to fire their leadership and start with fresh eyes and right-size the department.
SP500 is almost up 20% YTD. Schwab is 0% YTD.
Outsourcing IT entirely wouldn’t go well, but we could layoff the entire band of level 59 people leaders in STS, save a ton of money, and lose nothing.
Don't outsource the IT - the result will be nothing you can understand. Restructure the finance area - many of those people can only run and re-run spreadsheets. Treasurer and company ALM peeps are the ones suggesting the investments - clean house there - not sure there were many people affected in those areas with earlier layoffs