Can you at least get the stock price up so we can cash out. Those of us who received key contributor stock awards for being great employees and then were laid off for who knows what reason could really use it right now! Jobs are scarce 100+ applicants for every job, high inflation. We’d like to cash it in for a good price. I thought we were laid off so you could increase the price????
34 replies (most recent on top)
"I guess I was a “bad performer” who had a new job with a 20% increase 2 weeks after I was told to leave. Yup bad performance… "
All companies have their performance standards. Being bottom of the barrel at Schwab, could mean you are a rock star at a bottom of the barrel company!
If the EC believed the layoffs were going to yield stock performance they wouldn’t be selling consistently.
I guess I was a “bad performer” who had a new job with a 20% increase 2 weeks after I was told to leave. Yup bad performance…
"The stock is up 30% since October last year. So, the market seems to think Schwab did the right thing."
True. But it is also down more than 5% YTD and underperforming the SP500. The only reason it is up 30% is because it was already at a 52 week low last October. In fact the stock has been oscillating at around the same price for the past couple of years. The layoffs have not improved anything yet. It is easy to lie with numbers.
Lots of good people unfortunately left. But let’s be real, a decision was made to release them. Many were compared to others and most of the people I know that got cut weren’t the higher quadrant. Many actually caused more tension, maybe had an HR related case in the past or were difficult in soft skills vs performance.
It’s a business, and a choice was made.
The firm and stock seem to be doing better, as well as operationally the firm is taking steps to be efficient. To do this, you need action-oriented and collaboration, as well as solid leaders. Is it 100%, no. Is it better than before? Yes.
"A lot of the "bad performers" laid off are doing well at competitors. Check out their Linkedin."
There were good people that were laid off when entire teams were closed down. However, there is no hiding of the fact that the majority laid of in October were not "high performers". I know more people that still look for a job, than people that are employed again.
The stock is up 30% since October last year. So, the market seems to think Schwab did the right thing.
I don't understand why some clown is trying to justify these layoffs as mainly due to bad performance.
They’re a troll. Or it’s Tiny finally realizing that he’s the problem.
Jiffypro
Used to support V1 now it moved new also?
Plantersys
There 2 planter
Inf--> High cost planter
Emp--> low cost planter (this filled only gas , which fermented the Mayonnaise)
Which planter?
A lot of the "bad performers" laid off are doing well at competitors. Check out their Linkedin. I don't understand why some clown is trying to justify these layoffs as mainly due to bad performance. These laid-off ex-employees are doing well at other firms.
What about the people at the top at Schwab? Are they such geniuses that they cannot be touched?
Why is Schwab doing so much worse than competitors even after getting rid of "bad performers?" If that idi@t is claiming that Schwab would be doing so much worse with these people intact, why are branches becoming more toxic? The fact that clients are leaving to follow their advisors who were laid-off or forced to resign - meant Schwab is shooting themselves in the foot laying off the wrong people.
Also, if you look at other posts, remaining Schwabbies are anti-boomers which make up a majority of high net-worth clients. This rampant attitude of hating their own clients does not help their business. Now they are being toxic not to themselves but also to their clients. They act like they are going to be young forever. Very terrible attitudes.
Service Contractor soiled peanut butter .
Which PEANUT company provides PEANUT BUTTER to Harness Next GEN team ?
Just curious to know
Sigh and now you are going to tell us about the Harness team, right?
- Harness team is fermented mayonnaises
- Service Contractor soiled peanut butter .
Both (A) and (B) are NOT anyway near ""GOOD PERFROMER".
They need bo-ot.. not way Hydrabad offshoot.
But wait, they are opening offices in India.
Because they wanted "GOOD PERFROMER on VISA " to from good from India :)
Layoff without calling layoff,
if you need 60 thousand in Indian you will need just 20 thousand for same life style
"So let's say Schwab let the "bad performers" go. If that is the case, shouldn't the company be doing so much better? "
Good question. But you are making a logical error here. With the "bad performers" still employed, Schwab would have done even worse.
Yes, some good people happened to be "in the wrong place, at the wrong time". But 90% of the people laid off, are mot missed.
Ain't about performance of any individual. It's about macro decisions and petty micro ones.
Here's the formula
- Can we make a position cheaper with a younger person?
- Can we dump a person by making them quit?
- Can we relocate a position by getting rid of someone in X?
- Can we retaliate against someone we don't like?
- Can we remove a threat?
- Can we outsource the person?
- Can AI replace the person?
- Can customers live with a less capable person?
There may be more and the order can be debated. But that's it.
Shitey incompetence that doesn't want a good company. They want their bonus and to protect themselves.
So let's say Schwab let the "bad performers" go. If that is the case, shouldn't the company be doing so much better? Lord knows a lot of people were terminated. Guess there were just soooooo many "bad performers." Why is the stock down and getting worse? Why are the systems not working correctly? Why is work environment so toxic? Why are clients leaving in droves (besides to follow their advisors to competitors)?
Could be those "bad performers" may not have been so bad after all. But wait, they are opening offices in India. Maybe that is where all the "good performers" are. But of course there are so many "bad performers" that the layoffs would be continuous...
All these people that got laid. If only we could all be so lucky.
I suggest you take a look at the list of high performers (employees who brought in the most business / net worth clients) from 2-3 years ago and see who is left from that list. Most of them either got let go or forced to resign (set up for failure). You can probably find the current list in your email.
@8yhj+1u3lmaRL proves Carlin right once again.
Obviously they let too many high performers go which led to this mess. These high performers are actually thriving at competitors which led to Schwab sinking even more.
Involuntary separation is generally when a position is being eliminated. This just means an event occurs where a company can shed low performers or people that don’t have a place moving forward, for whatever reason.
Really… if it were to be a “high” performer, the firm would not let them go… this is just a mismatch… other opportunities are out there that will align to that person’s interests.
Stock not vested also disappears as you need to be actively employed, or prior to your termination date.
CSC is a great company, one that cares for employees and provides a severance package better than most others. Don’t like it, then leave. Seems simple.
. You stayed stagnant while getting pay raises without moving up in the company.
Then you have seen data, people who moved up in company chopped first.
Because they are even more costly antique
“You were laid off for a reason”
I know plenty of hard working, highly intelligent folks who were laid off for no discernible reason. People who were the best at what they did and left those remaining scrambling to pick up the pieces.
I also know plenty of people who su-k at their jobs, do nothing but small talk all day or attend pointless meetings, and are veritable HR nightmares who are still here su-king the proverbial te-t dry as long as they can
Hoping a few of these Schwab trolls find their “reasons” during the next round🫡
"You were laid off for a reason. You stayed stagnant while getting pay raises without moving up in the company. Waste of money continuing to pay you for the same work… "
Harsh, but so true!
People get "fat and happy", and do not develop new skills, to stay relevant. They feel "entitled" based on their tenure, and forget that it is all about bringing value.
This is especially sad, when Schwab actually encourages people to develop new skills, and pay you to do it.
Read the fable about the ant and the grasshopper!
There are success stories. I started as an associate, grade 54, and moved up to grade 60 Director IC. This was all within 13 years. I am in STS.
"No room for advancement tur aroun 15 - 20 years have passed and you are struggling to make ends meet,..."
I wholeheartedly agree. The company would save so much more money if they focused on providing real opportunities for associates who have a lot of knowledge about products, how the firm works, and have been on the "front line" etc. Maybe instead of hiring 300 interns straight out of college, they hire 150 college interns and 150 associate interns? Hire 150 new phone rep associates and give 150 associates who've been with the company over a year the opportunity to do training/rotations/advanced internships over the summer and promote them. IMO this could improve morale, lower attrition, resulting in happier employees and customers. For those who are clueless about a day in the life of a phone rep that retorts "errr.... they need to put themselves out there and be intentional." Touch grass. CS&S folks are not given the time to participate in ERGs, network, do stretch assignments, shadow, participate in mentorship programs or rotations.
"You were laid off for a reason. You stayed stagnant while getting pay raises without moving up in the company. Waste of money continuing to pay you for the same work…"
You are an a$$hole and have no clue. If you are EC or a people "leader"?? You have zero leadership qualities and the mentality of an incompetent low energy people manager who bullies their team while providing zero direction. IMO your statement screams projection.
i got 3000 shares, at $10 strike price.
Remember that stock option grant we all got? Appreciate the intention, but man the optics of it are not good now. Worth a whopping $0!
Schwab stock down again after hours smh
Hope the stock goes to 0.....terrible company to work for. Poor college kids come out of school have there bathroom breaks timed and get hours and hours of horse cr-p indoctrination. No room for advancement tur aroun 15 - 20 years have passed and you are struggling to make ends meet, " See things through clients eyes". That way Walt can get another 24 million annual comp for doing a cr-p job and destroying his people.
Oh they are trying to get the stock price up - but still have a lot of Bonds to push off and the market isn't fooled anymore like it was last year! Maybe clean house in ALM, Treasurer, and finance fools making the investment decisions - nothing has changed - got themselves in a BIGGGGGG hole
You were laid off for a reason. You stayed stagnant while getting pay raises without moving up in the company. Waste of money continuing to pay you for the same work…
Well, it is up compared to where it was around last October. Get it back up over $75 again and I’ll cash out the rest of my ESPP too, but I’m glad to at least to have sold off some when it was up there.
We have **cking $250 Billion MBS with less than 2% return on the asset side of our balance sheet. And the funding cost is now 5%. The only possible direction for our stock is south.