I got a confirmation from source who is in top management that they will start from October 17th.
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@3sha+1oFTvNH4 Around 400 employees and 1000 contractors, to be precise. But in the case of employees a lot of them quit instead of getting laid off.
There will be a cut of around 3000 FTEs
The question I have is what the estimated number of regular employees we can expect to get to when it’s over.
You can see the employee counts and contractor counts under Walt’s profile and there have already been significant cuts to regular employees and contractors.
STS employee. Looks like no layoff today.
Okay then… what can we do to make this next month bearable?
Obvi make fun of leadership… what else?
Makes sense. 3rd quarter earnings announcement is probably 10/16. Can tell Wall Street that they’re saving all this money and people will be shown the door the next day.
Schwab Halloween Party this year is gonna be wild.
Woot!! Too close to 12/31 to not give bonus to the departing, me thinks.
Level 69. Hello 86.
Level 54 here. Looked up at the stars in the sky tonight and agree October feels right until it doesn’t.
God da---t.
I got confirmation of my start date for my new job today too.
@nkx+1oFTvNH4 They need to spend 500 mil this year for severance packages so that they can start saving 500 mil starting next year. If they complete the 60 day’s notice period this year end, they are good.
make that Schwagile
This is called agile layoff's
@ahz+1oFTvNH4 If they do that then they can’t realize the 500 million dollars of savings before EOY and EC will have to answer to irate investors how they managed to fudge up a simple layoff.
It’s the new Schwab! Goals change on a weekly basis.
Who wants to take bets that as we approach Oct 17, the goalposts will move again?
But seriously, what is with the constant delays?
That makes sense based on planned vacation time I’m seeing on some top leadership calendars
I can’t do another month. No deal. I think I’m going for mental leave because at this point any doctor will agree and sign my paperwork.
Director 60 PL here. All I can confirm is that the layoff must happen before Nov 1. I haven't heard any concrete days, though Oct 17 sounds reasonable.
Confirmed October
Level 58 STS from Lone Tree here. Had a meeting with manager in which she confirmed that layoffs will happen sometime in October and they have no additional info on it right now.
Oct 17 is Tuesday. Weird.
I also hear from someone who reports to Dennis (STS org) they will start mid October.