Time to close buildings. Sorry to our friends who will get the notification by Monday.
30 replies (most recent on top)
@6wxt+1noZt1tK literally nobody has celebrated
For those of you walking the halls celebrating and giving each other high fives because you get to WFH, just remember not EVERYONE is getting the same opportunity as you. Others are losing their jobs! Many support workers, contractors, and others- both Schwab/TDA and non Schwab/TDA people will not be so lucky. Hopefully in the months to come you can remember that. I hope after the completion of the transition and Green turns to Blue, and the dust has settled, you can celebrate and not have to experience the feelings the people losing their jobs are currently feeling.
@3mrc+1noZt1tK - Yes. I am sorry to say but you are. I would recommend working on licenses and putting feelers out, if you’re in an office that has been sold you will almost certainly not be working with the company this time next year.
@jdn+1noZt1tK Sorry if this is the stupidest question ever. I'm on a team that works in an entirely different office than I, which will not be closing/downsizing. The office I am at will be the one affected by closing/downsizing. Is my job on the line? Am I a candidate for layoffs?
@2jzb+1noZt1tK Not sure why anyone is putting any value into what Walt said at that town hall or at anytime. The only thing we KNOW is that nothing Walt or any of the clowns in charge say has any value.
I feel like no one saw that email on Friday so we're all finding out like days apart. Been an awkward morning. Is that a Schwab communication best practice?
@2who+1noZt1tK Walt straight up said at the town hall it makes financial sense to keep Omaha. Now get to the office.
Anything about the Omaha office?
Re: "What offices? Have they said yet?"
Closing:
St Louis, san diego, tampa, san antonio, Atlanta
Downsizing:
Chicago, Jersey City, boston, henderson NV, San Francisco
They sent an Email Friday evening. There are so FAQs linked in the email telling us to reach out to your managers if your have questions. As always, my manager found out when I did. The most senior director in my location didnt know- disconcerting for sure.
Thanks for the info. Good to be aware.
What offices? Have they said yet?
It’s definitely starting to circulate. What’s the over/under on when the layoffs start?
I'd say by the 2nd week of October. They'll want to do it after all the conversions Labor Day weekend so potentially as early as mid-September. That gives Schwab time to keep people "hired" for 2 months in place of WARN notice and then pay out the balance of the severance before 12/31 so it can hit the books in FY 2023.
This has been Schwab's MO for past layoffs.
@dae+1noZt1tK because it's plainly obvious? I'm going to guess that you haven't been working with Schwab for awhile, so maybe you're still in the naive honeymoon phase where you think your employer cares about you. Newsflash, those offices that are closed? Those workers are going to be laid off entirely in the coming months, and the remaining talent they absolutely need will be replaced slowly, or the workers offered to move near an office. If you work in one of those locations, remember this post in 6 months when you are looking for a new job.
For now you are WFH. Schwab does plan to let you go. You just got a little more time is all. You may have until just after CD1.
For those of you celebrating that you can now wfh because your office is closing, that’s like dancing on the beach when water recedes before a tidal wave. This planning was done well in advance and is tied to CD1. In order for Schwab to show any profit, they need to shed jobs. Real estate savings will offset severance. You pretty much got your early notice of termination so wake up. Own your tomorrow, thinking you’ll wait it out for whatever cr-ppy severance package is offered, not worth risking your career. It’s an election year so don’t think the economy is going to rebound until we decide which id--t will occupy the White House. Jobs opportunities are not plentiful so get ahead of the situation while you can still control it. Schwab has done everything they can to show you how poor their leadership is. Wake up!
Why are you telling him he's brain damaged when he's right. MD just sent entire org a nice email that our associates in the closed offices are WFH and to delete rto request. We that are in downsize locations are WFH because distance anyway except for handful already go into office. Why everything is a conspiracy ?
"Closing offices and now more can WFH and you all still complain. Unreal."
==I refuse to believe you are this brain damaged. Do you actually believe all of those people, or even a majority of them, will be working remotely? You have to be being purposely dense, there's no way you are that dim.
"You mean the one whose business model crapped the bed after trading commissions went to 0?"
I mean the modern fintech firm Schwab acquired because Schwab couldn't compete with self-directed traders and platforms. I was talking about the Green people who kept Schwab afloat through the pandemic - your EC admitted that record numbers were only possible because of the extent that Green can handle call volume. How did TD cr-p the bed? Because Schwab needed tos and our board gave us up?
"Largely all acquired TD people are being tuned out after getting clients moved to a less competant company"
You mean the one whose business model crapped the bed after trading commissions went to 0?
It's not about RTO. Its that Schwab doesnt want to invest in these locations or these people. Largely all acquired TD people are being tuned out after getting clients moved to a less competant company....
Which buuldings/locations?
Closing offices and now more can WFH and you all still complain. Unreal.
@ hps+1noZt1tK - at 5:01 PM the EC sent out an e-mail announcing multiple office locations will be closing permanently right at CD1 or before. Those workers will all be working remotely. Anyone that can rub two brain cells together knows that the vast majority of workers in those locations are going to be laid off. To those of you working in these locations, spend the time you would be working to look for work, Schwab’s gone off the deep end.
This is extremely suspicious timing and funny that it was mentioned how intertwined this was with the RTO decision, "Collaboration and company culture" lies.
Doesn't seem like a rosy picture for the future folks
What’s the problem? No one was laid off. If anything more people get to telecommute now. Jelly?
Wait what's happening guys? Been traveling and have no access to email..
Wow so very shady. Schwab has lost all credibility.
Has Schwab always been so shady with timing of communications? Or do we chalk it up to how terrible Schwab is communicating in general?
It's really sad for STL. Many of us have stuck around since Scottrade was acquired, trying to prove ourselves at TDA and thinking we were a part of something. We were just there to get Schwab's clients moved.
It’s definitely starting to circulate. What’s the over/under on when the layoffs start?