Huge round of layoffs coming in 2 weeks. Brace yourself. This is mother of all hurricanes. It is the 9.0 richter scale of earth quakes. It's like larges piece of bird manure ever hitting a major turbo fan, spanning everywhere. Getting into you eyes, nostrils, mouth. And not the dry kind, but moist, wet, and smelly.
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@7yff+1f7Vewzj Probably BS to get people to work harder. The only problem is I think a lot of people would actually prefer a severance package and a new job.
I am studying to be a computer programmer. Getting my certificate in computer programming. Tire rotations pay the bills for now. But hope rake in some real cash when I do those binary tree node rotations. The latter takes less work. Rotating tires is hard. NP hard. If you can prove that tire rotations can be done in polynomial time, then you have proved that all NP Complete problems can be done in constant time. Well there goes 256 AES data protection right there. Its all in the tires.
The person says they're from Les Schwab, yet you ask a tire question and they just talk about data structures.
This may actually be true. My former FC had loose lips and said layoffs were expected. Anyone else hearing the same?
@4fhk+1f7Vewzj
Can't really say which tire had the best thread wear, but can tell you Red-Black trees are superior over AVL trees. You can do tons of node rotations to keep that binary search tree balanced, and the tree never wears down! It's incredible. I once gave it a 1 billion list of sorted items for the BST to insert from scratch. No wear no tear. Rotations. It's a powerful thing.
why not bookmark the Les Schwab link so you don't keep making the same mistake.
Separate question, since you made it here, which tire has the best tread ware ?
I'm the OP regarding the huge cuts. My bad. I realized this section if for Charles Schwab, the financial company. I thought I was posting in Les Schwab, the tire company. Honest mistake. The two companies are quite similar of course. Charles Schwab makes money, and does node rotations (binary search tree balancing). While Les Schwab makes tires, and does tire rotations.
No layoffs planned for Charles Schwab at this time. Continue with your node rotations. You know, AVL, red-black trees, and so on. Gotta back to rotate some tires. Until next time.
You got that right. Cruise control until bonus date. Hard to imagine Schwab can get even more discombobulated, but it will. Buh-bye blue. Let’s see you run TOS without us. Cant wait to see how you deal with a Crit when there is no one left. Twitter feed is going to be an awesome read.
It’s only difficult if you don’t understand….
Schwab tech is junk. Everyone knows that, even blue will admit it. Enjoy the next few weeks of “garden leave” and don’t look back when we all GTFO in spring.
I'm the original OP. Geeezus. I love it when everyone just gets together and posts like this. My creation right here. Loving it.
I think the point was it’s been there for 10 years and apparently so difficult to fix a team of reps was created to work around it.
If there's only 1 security above that price that is no reason to go with one Back Office or another. Granted it should be fixed for those HNW clients who might trade BH Class A shares.
Whether its one stock or a million, the issue is there and will only gets worse. Just fix the limitation.
What security is priced over $10k? I can only see Berkshire A class shares.
How about securities lending?
@1cac+1f7Vewzj Spare me. Schwabs back office hasn’t been able to handle securities priced over $10K for over a last decade. You have to call in those orders to a special team. BOS has its problems, but they aren’t foundational.
Schwab's back office is a joke. BOS could be more modern but it just works and leagues better than your c r a p p y mainframe.
Schwidiots will not have a clue when we all leave.
@1xob+1f7Vewzj BOS should not be a go forward app. Blue's back office is no better, but they made the right choice by ki----g BOS.
BOS has issues every day and there are enough people left to support it when it breaks. Primarily due to their refusal to update their skillset as the organization tried to modernize BOS and now have nowhere else to go.
@1xgt+1f7Vewzj Agreed they are not coming to kiss boots or beg for anything. Disagree about the mass exodus from green in March. It will happen.
So much quality content here.
“Green is full of themselves, the executive team is not coming to beg or even kiss boots.”
Good luck trying to integrate the TD systems or the order volume on your own. Oh and good luck running TOS on your own, I’m sure you can get that done by CD1. 😂
No one in Omaha really gives a sh-t what the executive team has to say. Maybe the a-s kissers do, but honestly, no one really cares to listen to someone who has made it clear your views and opinions mean nothing to them. It is a two way street.
@1eue+1f7Vewzj The back office is in Omaha too and they’re not a go forward app (they should be). You’ll never get clearing conversion done without any of them. God forbid something breaks in BOS before now and CD1. The people who know how it works and how to fix it are just about gone.
Schwab is way out of its league. These are such amateur missteps. They definitely thought TDA folks didn’t have a choice and they would just accept the constant downgrades in benefits, titles, compensation, bonus plans, culture, incentives, rewards, and perks.
The irony of it is that those things cost pennies compared to what they’re about to loose when this integration fails. The free popcorn in Omaha has been a tradition for a decade and it costs practically nothing. Free lunches in Chicago was a perk before TDA acquired TOS. TDA kept it because they were capable of realizing it’s value and the value of the people who benefited from it. These might not be hills anyone is willing to die on, but it’s just one more cut in the “death by 1000 cuts” that has been TDAs integration journey.
I’ll go to the round tables. I’ll tell our ECs exactly what I think about their leadership right before I personally hand them my resignation and leave to a competitor.
Trust takes years to build, seconds to loose, and forever to repair. I hope, for their sake, that they don’t think One Schwab and this EC visit is going to change anything. Wouldn’t want them to be so disappointed like the rest of us.
There may be no one in Omaha that is crucial except for ngoms team, but Omaha is still symbolic because it was the corp headquarters and had the highest headcount of all locations.
No one is begging anyone (maybe except for a handful of real key people). But the Green that are leaving are probably mentioning that they are outsiders, demoralized, etc. Part of this One Schwab and visiting Omaha may just be to counter that (and similar sentiments on the Blue side) and try to make people feel invested so they don't leave. People are leaving on both sides, but there may be more risk of Green leaving, especially if others with key knowledge have already left.
As far as this being planned for an entire year already and then being postponed because of Covid - perhaps so. But there were other ways to make Green and Blue employees feel invested and valued without meeting in person ( for instance, the Schwab One event next week is virtual), but now because of the attrition and the chance that many more will be ready to split after collecting their bonus, there may be heightened awareness and concern.
Go Green and Blue
Green is full of themselves, the executive team is not coming to beg or even kiss boots. This was planned long ago before deal close and was just delayed because of covid. If it really was about keeping staff it would be done before bonus payout but everyone knows there will not be a mass exodus after March.
TD - Please let us help you integrate our business.
Schwab - We don’t give a damn what you think
TD - Fine, we‘ll work somewhere else remotely
Schwab - OMG, let’s send our executive team to Omaha to beg you to stay regardless of cr---y raises and bonuses l
TD - No thanks
Schwab - “Shocked pikachu face”
The reality is, when this deal was signed in 2019, Schwab thought they had everyone by the ba--s. Then pandemic hit and everyone realized you can work anywhere remotely (including Omaha). Reality is, you can’t go sh-t on everyone (developers, order routing, TOS staff) and expect them to just take it. For example, the free food being eliminated in Chicago is not inconsequential - that had been an office policy for years and a major perk given their working conditions. Schwab has shot themselves in the proverbial foot, and their competitors are waiting.
@1npy+1f7Vewzj Who honestly is still in Omaha that they’re begging to keep? Obv losing order management would be a major problem, but I don’t think they fly up there to try and keep client facing staff.
Schwab can terminate 700 useless project managers and level of dysfunction would not miss a beat. Imagine exec council having to fly to Omaha to beg folks to stay. That right there is karma.
Heck, bring it on! A nice exit package would do me just fine right now. That said, I don't think Chuck can afford to lose 700 more in one fell swoop? I may be wrong though.
@wjf+1f7Vewzj I admit to nodding off during a bit of the presentation given by Mr. Crawford and others, but if he said this, or even remotely hinted at it, I missed it.
@1qmw+1f7Vewzj I can assure you - this dog and pony show of One Schwab is a joke. Don’t try and fool with the stay conversations or retention offers. If you’re having to beg folks (in Omaha of all places) to stay, you know you’re in deep s..t
Wonder how Chuckie boy must feel about going to Omaha to beg green folks to please stay. TDA order management team all poised to leave once 3/4 hits so no one will be left to run the trading engine old Chuckie boy wanted. Such a glorious train wreck the Schwidiots created.
Highly doubt this. There is all this focus in messaging on One Schwab, and the Executive Council is going to Omaha for a Q&A.
Doubt the latter has anything to do with wanting to do this along, but not being able to do so because of the pandemic - this could have been done virtually. It seems like there is a concern that key people might leave after the bonus payout, hence the emphasis on One-ness and the visit to Omaha.
Doing a substantial layoff at this time would be counterproductive. Probably they will get enough head count reduction from normal attrition, without having to pay severance packages.
Crafford announced the same thing at the corp update. If is confirmed. At the steak sauce level.
Sounds made up
I don't know about ballsy. But it sounds pretty manure-ishy.
That’d be pretty ballsy to fire that many people right before bonus payout, especially when a bunch plan to quit anyways after 3/4. I call BS. My guess is if that’s actually true, the cuts will come from corporate functions. There’s enough people quitting client facing roles that no cuts are needed.