Just heard from someone in the know that they will be officially announcing on September 3rd. No remote working after January 1 except on an occassional basis pre-approved by your manager. MDs have been told they will need to keep track of all exceptions they and their reports approve and they'll be certain thresholds they've been warned not to trip. WFH exceptions will be rereviewed with more scrutiny and those who lost their office space due to the real estate footprint reduction will be told they need to relocate to Westlake or Denver.
14 replies (most recent on top)
I agree that consolidation makes sense from a business perspective. However, business continuity would need to be kept in mind if we have one function living at just one location.
We had all our data centers in Phoenix for over a decade. Think they understand continuity?
I agree that consolidation makes sense from a business perspective. However, business continuity would need to be kept in mind if we have one function living at just one location.
Consolidation would be the first rational idea following a series of absurd ones.
RTO with teams scattered across states makes no sense. But if you put them all in a bullpen and integrate their work at the pit level there may be a benefit.
It’s more likely they’re whispering consolidation as prelude to telling folks to relocate on their own dime. Refuse and you quit while they reduce headcount cheap. Move and you carry all the expense and risk.
In addition to 5 day RTO, a couple of people (who tend to be in the know) recently mentioned office closures/consolidations to me. It was news to me. They mentioned it because I'm in one of the offices they claimed was up for potential closure (Orlando). They also mentioned St. Louis, Chicago, and a couple others.
Based on what they were told by their leadership, there are a few offices that are being discussed for elimination with the positions moved to another location. The consensus is the other location will be Westlake. Speaking just for Orlando, that makes sense. Orlando is just a rented building that doesn't even have space for all the staff (which is why so many in Orlando are still fully remote). Most staff are ops/service- positions that could be easily filled anywhere. Seems like it would be simple to eliminate Orlando and transfer/hire those positions in another location.
There's another thread going that is talking about this as well (others are hearing the same thing) so I'm not sure if it is just rumor or not. The other thread also mentioned a consolidation of certain roles to certain offices. That's VERY similar to pre-COVID, when they wouldn't consider hiring for certain teams/orgs outside of a specific location.
Has anyone heard anything similar? If so, do you know which offices?
Don’t you think St Louis will eventually be wound down? Have they stopped hiring for Service Center in St Louis?
I can confirm OP is mostly correct. They're not gonna tell people they need to move by the new year but it will strongly encouraged that you do so over the next year and most new positions will only be hired in Westlake. 5 days a week is definitely coming if you live near one of the main campuses.
There’s no room if you think in a linear three dimensional paradigm. But this is Schwab!
CRE will break out the wobbly whimey times whimey stuff and make trillions for the company.
LOL CRE would like to enter the chat. There's no room. Not happening.
i dont see how, stop the rumor mill.....
After what you all have done to my ESPP and RSUs, its time to get into the office. Your remoteness ISNT WORKING.
They can't afford to be making these kinds of demands after everbody they've already lost. I haven't come into the office since the end of March and I'll be damned if I ever step foot in a Schwab building ever again.
It makes sense from a company perspective. What better way to get rid of people than mandate a 5 day work week and require people to move (at their own expense) and go into an office. Then after that we should give Walt a raise like we did Chuck. It is so deserved.
I call BS. Denver has no room. And make folks in St. Louis move to CO / TX v. Indy or Richfield? I don’t doubt the noise will tighten, however.
About time. If you want to handle my money, than I want your full attentions and you back in the office.