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When did Schwab start underpaying people?

I've been talking to some of the newer hires, and frankly, it's almost disgraceful what they're being paid. My pay is the one thing I have always been satisfied with here, so I feel so bad for them.

As an additional note, talk about pay with your coworkers. Legally they can't stop you, and it can be very eye opening.


$63K or $124K… Pick a Number

Bank of America: $30.5 BILLION in 2025 profit.

CEO compensation: $41 MILLION.

Yet the same operations job can be posted at $63K–$124K.. a $61,000 spread for one title.

Nobody expects executive pay and employee pay to be equal.

But when the company is making billions and the people doing the day-to-day work can be valued nearly 2x differently for the same role, that’s worth talking about.

At what point does a “pay range” just become ridiculous?


Bonus paycheck - when?

When is the alleged extra pay-check under the guise of a R&A coming to us. Haven’t heard anyone mention it. Do you think they will follow through? Why wouldn’t MW set a date, something for us to look forward to? Another thing that could have been positive turned sour.


Moynihan Opens Mouth With One Word Stock Drops Over 5 Percent

BM stated quarterly sales and trading revenue would be “flat” relative to a year ago. Just like that, BAC stock dropped over 5 percent. Revenue is not the only thing going "flat" at BAC. Has any group gained any new hires to make up for short staffing? In our group, another person just announced retirement and no replacement will be requested. Yep, "flat" everywhere at BAC to include our paychecks...


Severance Pay

Is anyone optimistic that we will see the severance pay on the 25th? For those who accepted on the 4th? The seven day revocation period has ended if you submitted on that date and the 25th would be the next pay period… or do you guys think it will be later. I know it said 1-2 pay period but it also said as quickly as possible. Just curious.


Right size our pay

When the staff drops the 5-7% based on industry average, hopefully Fidelity will also fix the pay issues.

My BU hasn’t given raises in the last 3 years and said it’s based on market pay. With inflation hitting 20% since the start of the pandemic, compensation should be reviewed again.

How does Abby expect people to care about her bottom line when people are on government assistance and can’t afford groceries?


Meat cutters

I have a question I have over 40 years of experience as a meat cutter! When coming to Sam's club they didn't have a position available so I'm a floor partner they just had a meat cutter retire they offered me a meat cutting position. Ask about the pay they said around 18 to $19 an hour I thought Sam's club pay their meat cutters more than that. Especially if you have experience. I have five more years before I retire so I'm trying to make the most money I can for retirement. Grocery stores pay more money than that for meat cutters! Does anybody know if this is true or not can somebody please give some feedback!!


I think it’s time we tell the truth.

I think it’s time we tell the truth.

When I joined the workforce in 2002, many of my engineering leads and managers were working from the US, while I was working from Bangalore.

One thing I noticed very early was the difference in work culture.

Indians are, by nature, extremely work-oriented. We don’t like leaving things unfinished. I remember hearing complaints from Indian colleagues about our US counterparts: “These people are privileged. They shut their computers at exactly 4:30 PM.”

Even during a major P1 production issue, you could sometimes see the US team log off when their working hours were over. Meanwhile, the people still in the office were predominantly Indians—working until 10 or 11 PM, handing things over to the offshore team, and then finally going home to their families.

It was a complaint. But, in a strange way, it was also an appreciation of our own work ethic.

Yes, many people in the US have historically enjoyed a level of work-life balance that many Indians did not. They could shut their laptops at 4:30 PM and walk away. We often felt that we couldn't.

But our mentality was different:

“We are getting paid. We have a responsibility. We need to solve the problem. We don't want the company to get a bad name.”

And then we went home.

Our families mattered enormously to us. But we also believed that our ability to provide for our families came from having a job in the first place. We were grateful for that opportunity, and we took that responsibility seriously.

That mentality helped many of us build careers across companies and industries.

We weren't slaves to anyone. We were people who understood the value of an opportunity—and were willing to work extraordinarily hard to make the most of it.

And here is where I think the H-1B debate gets uncomfortable.

For years, everyone benefited from this system.

You valued your freedom.
You valued your work-life balance.
You valued your paycheck.
And we valued our families too.

But for many of us, loving our families meant something different.

We were willing to live thousands of miles away from them, work long hours, sacrifice weekends, and endure years of uncertainty because the ultimate goal was simple:

Make sure our families are taken care of.

That's the difference.

So before blaming Indians or H-1B workers for being willing to work hard, perhaps we should acknowledge the other side of the story.

People didn't come here because they wanted to take something away from someone else.

Many came because they were willing to make sacrifices that others simply weren't willing to make.

And that work ethic didn't suddenly become a problem when the people doing it happened to be Indian.


Pay raise

If they pull the same bs “we can’t afford to give raises this year” but will NOT do a layoff, people might revolt.

Fidelity openly says they have to make decisions based on the fact they know most people will just accept poor treatment because they know no one is going anywhere. The first time the head of WI told me, I was trying to be a corporate shark. Now that I’ve been here long enough to understand my career is over, it makes me sick.

With inflation being 20% higher now than the last time my department got raises, we get it. No one pays a living wage anymore. But at least stop having record profits years with stockbrokers on government assistance.


Pay grade confirmation

Hi all, there seems to be some misunderstanding with what grade vs L1 etc means. Pay grade starts from one and goes higher. Like phone reps are hired at grade 2 then you can climb the corporate ladder to get to maybe 7.

L1 etc is how many levels below Abby you are. So L1 is someone reporting directly to Abby and L6 or whatever would be someone in the mailroom.


GCC hiring control

How is the control on hiring, pay rate and promotions going to be handled? Is that control retained by MDs and Directors onshore? Curious as I came across shady hiring practices where pay was not in onshore leadership control, not even the role level. This might open a gap and vulnerability in the system where local leadership in GCC might favor the frenzy.

Genuinely curious as I know how much of a power politics Indian leadership in GCC can play if not cautious. If the few genuine leaders lose the leash, we might be a gone case (scared as I am indian and realize power play when I see one)


What If We Made Offshoring Cost the Same as Hiring Americans?

I'll start by saying this will never happen, but economically there is no downside to doing what is proposed below, and in fact in the long run, it would make Cigna and a lot of other corporations better.

A company can replace a $150,000 American worker with a $35,000 overseas worker and save $115,000.

Why should the tax code allow that enormous labor-cost arbitrage?

Under a simple 1-to-1 offshoring tax, if a company moves a job overseas, the difference between the comparable U.S. labor cost and the foreign labor cost would be taxed 100% and made completely nondeductible.

$150k American worker
$35k foreign worker
$115k offshoring tax
$150k total offshore cost

The company can still offshore. It just doesn't get to keep the entire savings from replacing American labor.

What would happen?

If 10 million jobs were realistically capable of being performed domestically and 70% returned, rather than the 70% - 30% split towards HIH, and a model becoming more popular among more and more corporations.

7 million jobs could return to America
Roughly $1.05 trillion in annual compensation could shift to American workers
The remaining offshore work could generate roughly $345 billion in federal tax revenue
More income would circulate through American households and businesses
Companies would have greater incentive to invest in American workers, AI, automation and productivity

But isn't this bad for "American competitiveness"?

That's the argument we constantly hear, but competitiveness for whom?

If an American worker costs $150k but produces substantially more useful work than a $35k offshore worker, comparing salaries alone is meaningless.

A worker who takes five times as long to complete a task and requires substantial rework isn't actually cheaper simply because their salary is one-quarter as much.

And making an American company pay American wages doesn't make China more productive. A highly educated, highly productive American workforce can make America more competitive.

What may become less competitive is the company's profit margin and, potentially, shareholder returns.

That's not necessarily the same thing as making America poorer.

A corporation can increase its profits by replacing American workers with cheaper foreign labor without producing a single additional product, invention or unit of economic output. It has simply shifted economic value from American labor to corporate profits.

So what is the actual downside for America?

There is an argument that this could cause certain services to become more expensive, however, there is ample historical evidence that insurance, and other services go up when the consumer base gets smaller, I.e. off-shoring causing unemployment.

Since that argument doesn't actually hold any weight the policy would also mean:

More American jobs.
Higher American wages.
More domestic spending.
More tax revenue.
More incentive to invest in American productivity.
Less dependence on foreign labor.

The government gains revenue. American workers gain employment and income. Corporations may make less profit, potentially, but for Cigna this probably even isn't true because there is a larger consumer base, but they can still be profitable.

So here's the question, is there a downside to doing something like this?

No. It isn't difficult to implement, you can look at a companies tax roll, or employment history to find out how to tax properly. Figuring out who is offshoring isn't difficult. It would mean more American workers, less stress, more money within the country, more information within the country, a better society, but this isn't what they want. They want to maximize profits, a corporation is a soulless enterprise, that has one goal, it is neither good nor evil, and the sooner we realize that and start to treat people like people again, the better off we will all be.


City Leaders Get Raises Amidst Proposed Layoffs

Long Beach is facing a significant budget deficit, leading to proposed deep cuts and hundreds of layoffs. Simultaneously, the city's budget includes pay increases for top officials like the mayor and city manager. While the mayor and city manager have pledged to donate their raises, council members have not yet made similar commitments. These pay raises for some officials occur as many departments face staffing reductions and program cuts. The city aims to close a $58.2 million budget gap through these measures.

Long Beach, CA

https://www.nbclosangeles.com/news/local/long-beach-department-heads-raises-amid-cuts-layoffs/3935410/


"You get what you pay for"

Recently I went on vacation. People commented that I was more like myself after a few days.

When I returned to work the bitterness and frustration returned by lunchtime. The only path for me is out of here.

Incompetent and inept Accenture workers treated like the "stars of the show" when they are sh-t. Once something comes up complicated or they do not have For Dummies style steps to go through they are fked. And there are too many managers.

Why can't they fire some of them for a change? They won't have to do year end/bonus reviews or approve timesheets for the offshore workers. They have their own boss in their country who will lie for them, just like they did when they passed off unskilled workers as "experienced".

There used to be a saying "You get what you pay for". It needs to make a comeback. They are so high on the "savings" they will blast through this place with a chainsaw. Next level clown management. I noticed that in many cases only white men are kept after the cuts.

Really take stock of how you are when in office and when away for an appreciable amount of time. This place is toxic and should come with a warning label. At some point the money is just not worth it.

Lifted from Post ID @d0+1kwz1c7cd - it was burried in comments