Mid month coming up, 60 day layoff notice clears people off the books for 2027. Good luck all!
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@2ng lol there will be other custodial choices in few years. Just wait for Robin hood to start their moves
@2mm Schwab is raising the minimum investable assets for its Schwab Advisor Network (SAN) referrals from $2 million to $5 million, effective January 5, 2027. Guess what RIAs think about that?
Schwab is lagging their competitors and are trying to keep the profit up by keeping the largest clients in-house.
@2h9 agreed, they’re woefully misinformed. Is Schwab wanting to improve SWA and expand the branch, yes, but that doesn’t mean abandoning RIAs. Why on earth would we let go of the custodial space when we have nearly 40% market share. They don’t know what they’re talking about.
@10p this doesn't make sense. There were several initiatives this year and last year to do the exact opposite and grow AS faster.
@1mj First line managers know nothing about layoffs. If they do, they would never admit it because they would get in trouble.
Also, they may be on the list themselves, and not knowing about it.
Schwab is one of the most bloated companies in the industry. Many junior people think that "a lot to do" means no layoffs. That is not how it works. That is the Soviet "full employment" mindset. You just stop doing less important work, and layoff overhead.
@1mj Totes! There's no way-o they gonna be able to get it all done without more staff-o. We need peeples!
My manager confirmed Schwab is done with layoffs for a while, prolly several years. Anyway, with us aleady being so lean and so much work to do I think, if anything, they'll soon go on a hiring spree.
@1fw agile and safe dont work in a Ai driven execution
Why cant we do it. We bet on PCF vs. Aws cloud? Most companies have learnt how to do cloud well and go to ai next. We su-k thanks to Tim and Dennis.
Beware Halloween. Prepare your CV. Bad things happen on 10/31 haha
@1d9 The transformation to SAFe is accelerating and the Project Management cadre will be cut in half (to start with). The transition to RTE-led ARTs has already started.
Is it going well? Absolutely not, but the productivity of many of the dev teams is already so low that it does not matter. Transitioning the junior PMs to RTEs, and getting rid of the senior PMs is not a winning strategy in an organization where deadlines are seen as a nuisance.
Heard there are planned October layoffs in BOET org as well; Good Luck.
@196 That is the plan. AS will be reduced, as Schwab is ramping down the dependency on Advisors, and building out the branch network to enable direct control of clients.
Will Naveen in Advisor Services and his incompetent cohort of directs get laid off? Worst leader and zero people skills.
The plan is to "cull the herd" in mid-October. Most cuts will be in STS. More specifically in Advisor Services, as Schwab is moving away from the RIA model.
There are layoffs every month.
The next big one is planned for October (to get people off the books before YE).
Managers have been told to tell people that are "safe" so, before end of September. If you heard nothing before then, you are on the list! Good luck!
They’re will be more sts layoffs next month or November
Unlikely. Today probably means a small in December and no large ones for the rest of the year. But Ricky said we weren't looking to lay off, so