(100) Assess your finances and create a budget for stability. (101) File for unemployment benefits to ease financial strain. (102) Review your severance package and negotiate if necessary. (103) Update your resume with recent achievements and... — read more 

I got laid off and ended up needing psychiatric help. F*ck the EC and every leader who made the decision to put each name on the layoff list. I hope you’re smug and satisfied now justifying making me and obviously others feel this way. Thanks for... — read more 

So I was effected (level 57) and I’ve been mentally preparing for it to happen since it was announced. Mostly because I read between the lines and just felt like I was making the most out of all other 57s on the team and this was a pure cost cutting... — read more 

Would like know any more layoffs in near future

I was laid off yesterday and today folks are calling me and asking me work related questions. Should I have to answer them? I am in a dilemma.

If you go to Glassdoor.com, search for Schwab and then look at Salaries you will see salaries submitted by employees. There are a lot of managing directors with total compensation of well, well north of $200k. So a 2000 headcount reduction hits $500... — read more 

Send more jobs Offshore and layoff people here. No one is managing Offshore properly even today right after these massive layoffs, Offshore account managers are lobbying to add more people into teams. I am not lying, go check for yourselves.

I've watched these Schwab posts for a long time - watched as my team did little work and worried for months - watched "leaders" only show patheticism. So now that the lazy team survived, they want to ensure they get a bonus they completely don't... — read more 

Not impacted by layoffs but part of reorg. My sincere empathy towards the impacted and hope you find a better place. It’s a vent out post, feel free to ignore to read further. Been with Schwab for over 7 years and been having the feeling of... — read more 

Severance package letters, state a full working year is calculated as 264 days, math? Logic? 🤣 Same as SVPs decide who is let go, when they dilont even know the names, A BS move followed by a more BS move, you factor that to 2000 employees gone, it... — read more 

Laid off folks only - please post your age and any medical expenses/ ER visits in last three years. I saw something interesting in another post which said Schwab manages it own healthplans and costs.

Even if I don’t get the job it will be a major morale booster for me. Been feeling borderline sui-idal for the last 48 hours but now at least there is a glimmer of hope. Sc--w you EC for doing this to people with children right before Halloween. — read more 

What are your thoughts on Schwab's Lifers? I still see many of them around but many have not upgraded their skills in decads.

This is a honest question. I am not trying to pour more oil to the fire but I think this is a legit question. Maybe the board should think twice about what's going on on the ground.

The plan has some merit, many risks though, it'll be very hard to implement. Restructuring a very large and complex organization requires careful personnel decisions - promoting the right people and removing the wrong ones. The execs think they are... — read more 

If you have been a Director for a long time and you are ready to be promoted to Managing Director you may think twice before you make the move. You saw what happened and how agressively they went after MDs. The biggest risk is becoming an MD... — read more 

Just feeling suffocated left behind . And you having to pick from the puzzles of those who left . Seriously I feel it would have been better being part of the culling than the left overs . All these stupid org announcements and meetings upon meetings... — read more 

What is pros/cons if you send the early termination form even without getting new job? Do I get immediate payment of the base salary for the remaining of the notice period and a lumsum of the severance package? I don't have health/dental plan with... — read more 

What salient points would you make both negative and positive?

It is tempting to not disclose a new job, but per the severance agreement (which I am still trying to clarify with HR), you still get the severance if you get a new role outside Schwab, but you don’t get the bonus of you get the role before the end... — read more 

I know a couple on my org other than myself were impacted. But it seems like fewer lower level IC’s were let go, so I am wondering if it was pay. One of the IC’s let go was recently promoted and we both had stellar performance reviews. I’m confused... — read more 

A few years ago when I was 55, I was laid off from Schwab. A few months later, the management posted an opening for my exact position but listed the total compensation at about half of what I had been earning. This is a deliberate management... — read more 

This is just to document things on this board so it starts to show up in Google searches, people want this info but it's hard to find. No need to reply. We closed offices in five cities between August and Monday’s layoffs: Atlanta, San Antonio... — read more 

Atleast now can someone share the criteria behind selecting the names? So who is next on the list? We lost some brilliant people from our team, the criteria couldn't have been performance. Will there ever be transparency at this place?

If you've been let go, try calling HR - haha, on wait so far 25+ minutes... Can't get into workday externally because of password issue. HR has to re-set. Of course the instructions in the severance docs are not correct. I guess they're extra... — read more 

The SPD defines annual business days as 264 and uses this in the denominator to calculate everyone's severance payout. Industry standard is 260 (2080÷8). Looking at the calendar and counting the days, 2023 is 260 and 2024 is 262. 264 seems... — read more 

Hey team! Could anyone provide the deadline for COBRA selection and the termination date for our benefits?

As far as I understand, the benefits will terminate the last day of the year for those impacted in the first round of many numerous layoffs. How best to utilize what we have left in this time? I’m talking everything in terms of medical, dental, EAP... — read more 

Those in impacted areas in this wave will escape what must be coming next. 2k employees does not get us to the magical $500m in savings. My guess is call centers and people just doing integration will be taken out 30 days after the last TG. ... — read more 

No need to name names. Just orgs / teams.

Starting to get some detail on this… 20% of MDs and 15% of directors were let go yesterday, compared to 4% of individual contributors. It appears the approach taken was by percent of the level vs a raw total. They wanted to cut out an entire layer... — read more 

I know it's over, but I still can't relax. I barely slept last night. This whole thing has really messed with my mental health.

Do they have a way of finding out if we take new jobs before the WARN period ends? I want to look now and accept something if I find it but don’t want to lose my severance payment.

We lost 2 level 58s. The process supposed to be inverse pyramid but reality seems opposite. Most impacted were from grade 57-59 and not hearing any of MD and above impacted. Anyone heard otherwise ? Anyone has number how many people in STS(... — read more 

I guess we're now expected to take on their workload as well? I won't. I already have more than enough to keep me busy and I have no intention to gift Schwab a second of my family time anymore. They can figure it out. If that means they decide to... — read more 

Did anyone get to find out what the Severace package is?

Department of Labor can be user for missing wages such as unpaid overtime. You can also lodge a FINRA arbitration to put them on their heels. Never got paid for the frequent issues with getting logged in.

Reality is beginning to sink in after the initial numb period. Should’ve taken the job search more seriously rather than the lackadaisical half-assed effort I put into it. Now I have only one goal to focus on. Without this kick in the a-s I may... — read more 

I’ve been on short term disability through Sedgwick and was notified today that I was being laid off. Do you think I’ll still continue to collect short-term disability? Been with TD and then we got acquired so perhaps 6 years of service total. How... — read more 

When we were told about layoffs, I started job hunting. It has taken a ridiculously long time, but by sheer luck, I just got an initial job offer for 25% more than I was making at Schwab. And was just laid off. I have to figure out how to best b... — read more