And yes, I got laid off. I would be lying if I said I wasn’t shaken because I loved my job here. CS seems to have decided to prove everyone that loyalty, hard work, engagement, experience, it all means nothing. They devalue everything that no company should devalue. My advice to everyone is not to fool themselves thinking that there is any logic when it comes to cuts and that they should always have option B.
13 replies (most recent on top)
Were you TD or Schwab & what job or department did you work in?
Union now!
Speaking of stock price, I am so glad I sold all my ESPP and ESOP shares at $74. I had like 10 years of accumulated ESPP shares, and it was a ki----g. This is having a covid vaccine in the middle of some pandemic. Immunity. I could care less what they do with the job or if I get laid off or not.
My direct manager says we will have a job no matter what but I think that is just lip service so we don't jump ship.
Of course it is. I would not count on anything. And even if you survive say the next 5 rounds of layoffs, who is to say the 6th round won't get you. Same goes for people who might think they're in a good position now.
I think we all have to heed the advice offered here, brush up on your skills, pick up something marketable and interview. If for nothing else, you will be better prepared if you stick around and something happens. Or you might find something great out there and take off.
Good luck to all, Blue and Green.
The prior post is spot on - all that matters is stock price, which is why they had layoffs this week. It will make their 3 quarter numbers look better. They need to cut numbers so they are looking at both Schwab and TD employees, some of the TD employees will be safe as their knowledge might be needed - then watch out.
I have been in many meetings with seniors leadership over the TDA migration. It's painful and saddening to hear our leaders continue to mislead and even lie to concerned employees. We've had two years of continued layoffs, yet the firm continues to smash earnings. There's no loyalty.
But what's worse is that httbe workload continus to go up. As does stress levels for the employees. Every team at Schwab struggles with a lack of headcount and it's getting worse. They blame low engagement scores on covid and leadership changes, when everyone knows it's a lack of headcount and increased workload.
Poor leadership at Schwab. All that matters is stock price
@1dnb+1c1YQjeJ all of management have been saying that since day 1. we'll all have jobs. schwab needs the people. not to worry. then hundreds are laid off. in many cases the same TD management that made these promises. lip service no doubt. good luck.
Yes a specific telecommunications platform is going away, and since I work on said platform, and have worked on it for 15+ years. The writing is on the wall that soon I will be trying to learn the new system but with 10 other colleagues that already know the incoming platform, where do I fit in? My direct manager says we will have a job no matter what but I think that is just lip service so we don't jump ship.
@1hrp+1c1YQjeJ why so cryptic on an anonymous forum? what are you talking about? platforms? languages? a proprietary product within the company?
To the OP, I truly am sorry that you were laid off today. I know you are shaken, that is to be expected of anyone whether you were not expecting it, or were welcoming it. I know. I've been there in my long tenured career. I hope you can find solace when I say it will be ok. You have a package, there are many opportunities out there. It may seem dark now, but its really an opportunity for you to find something better, and go somewhere else that you will feel better appreciated. Good luck. Take care.
Yeah and I wish they were to let me go so I can get the package. For example: I have told they (upper mgmt) no longer will use "Chevy Cars" to get from "here to there" instead they will use "Ford Cars. I have worked on "Chevy Cars" for 15 years. Yes I can learn how to work on "Ford Cars" but a bunch of companies still use "Chevy Cars" and Chevy is still in business - but I can not leave on my own, benefits will end EOM, rather than continue till I find another job. Sorry for those who got laid off today - I truly am. I was on a receiving side of a layoff in 2008 and its not cool like the OP said - as much as you can prepare or know its coming - it still sucks!
So much for their slogan “Own your tomorrow”. They are doing it little by little so as to not be noticed in the finance world. Had to layoff today so final payouts could be done by quarter end and the numbers look better
Good luck and all the best. I got cut too, I'll move on and never look back.