Thread regarding Charles Schwab Corp. layoffs

Big O tires has a sale on Performance tires, that operate in Big Oh(log n).

@ysf+1p3u7rYa you didnt get hugged enough as a child did you? maybe hugged too much?

either way, your parents are clearly disappointed.

@1qcq+1p3u7rYa yes yes what an awful move for someone to paraphrase information from a bunch of other posts and repost it to keep it at the top so people dont need to scroll past the trolls, the HR spam, and people asking off the wall questions.. real "lazy" of them.

OP is a real jerk for keeping relevant information above les schwab posts.....

@1oxw+1p3u7rYa in some planning meetings ive had this week with my team (and larger teams) this also seems to be more of what people are hearing...which also lines up with what some others have said regarding the date making no sense... that week is a hodge podge of activity from client conversion prep, glint survey, etc..

Met with my director yesterday and he claims from what he’s heard internally that it will be the week of Halloween. I honestly hope he is wrong. I need this to go down next week. I’m so done.

I also came across something that stated corp strategy will update org structure by the end of next week … they are also restacking Lone Tree now and will be moving people into the old Southlake building starting in November. Glint survey comes out following week I believe (and I assume EC is thinking the "grateful" ones remaining will give higher scores than if layoffs occurred after survey). I agree with OP that it's likely next week though who knows at this point? It's exhausting and the ridiculous "secrecy" is over the top.

@ysf+1p3u7rYa don’t get frustrated. Just create another post with different title. Eventually this one will drop down anyway and your post will be above this one. People are lazy and love copying and pasting other people’s work. Is annoying but inevitable.

@svz+1p3u7rYa Don’t be sorry. Your comments won’t last the night.

I was the original poster on 10/17, and contributed to a lot of its support. I got this date directly from multiple inside sources. I find it frustrating that this was taken from me. The OP here basically hijacked what was mine, and made it his own. I have additional information that I could share. Valuable information. Information you will all like. Well, not necessarily like, because it is actually bad. But I will no longer share that information. You all messed it up. Gooooo bi.

If anyone is d-mb enough to believe that layoffs won’t happen in the next two weeks.

They want those impacted removed from the books by end of year. They are not going to pay our bonuses and spend millions when they don’t have to.

Look at history (nearly all in September/October for a reason.

Agree with @sxf+1p3u7rYa
It’s not 17th. But more details to come on 17th.

It’s not 10/17 but more details will be shared on timing on Monday.

@jlw+1p3u7rYa Then joke’s on them for tanking company morale for pretty much nothing.

@rxb+1p3u7rYa correct, I read those documents, watched the webcast, etc. just like you did. Saying you "expect" something something to happen is not the same thing as it"must" happen. I "expect" a lot of things over the next few months...that does not mean those thing WILL happen. The CEO/ EC may have "expected" those things back in July 2023, here we are in October 2023, many things have changed and hence their planning may have changed...hopefully I am wrong and 10/17 is the day, and after that date those of us who are uncertain about our futures at Schwab will finally know one way or another...

Congrats @kbp+1p3u7rYa that’s what everyone should be doing. Look for your online side hustle and find a way to replace that 9-5. Stop relying on Corporate America.

@tnp+1p3u7rYa you are an id--t.

1. "did the CFO anywhere, at any time make that statement? Pure speculation that it MUST occur for fiscal 2023 expenses booking".

It wasn't the CFO that said this. It was the CEO. He said "while these efforts will continue into 2024, we expect to complete many of these actions before year's end, including the vast majority of position eliminations." Also, Schwab's official press release (which you can Google yourself) stated that they intend to incur 400-500 million in expenses related to position elimination in Fiscal Year 2023. Derp.

in a skip level (monthly re-occuring) my director who is under NDA let it slip that orgs are going to be effected at different times and at different scales.

So while it might happen for some next week, others may be after. take that is: if you hear layoffs happening, dont assume your safe. assume your safe for that round

October 17-19 makes sense. It’s been almost 60 days since the August press release announcing budget cuts. And that would also mean that the people being laid off will get a 60 day notice before the end of the year.

@tnp+1p3u7rYa During the last earnings call and during Q&A specifically, it was shared that the $500M savings will be achieved in 2023. You can go back and listen to it.

There’s no statement of a 2023 layoff. The 8-K of August 21st only speaks of costs and scope.

Like office return, this is looking more and more like a perfect plan that wasn’t.

It will happen. It should happen before quarter end. But the plan and implementation are coming from

@tnp+1p3u7rYa Dennis Howard stated in an STS PL meeting that they are targeting 5% and the layoffs will happen some time in October. He is probably as authoritative of a source we got, sadly. According to him it will wrap up within a week.

@tnp+1p3u7rYa re-orgs are probably going to be done quietly through the end of the year.. teams will disband, combine or be absorbed by others. we'll all need to learn new acronyms too.

Dont take whats happening in one org (like STS) as what will happen across the entire business

@tnp+1p3u7rYa CFO point is interesting, going off a lot of what the EC has said however we all know they arent trust worthy

for the layoffs there might have been smaller ones in spots like STS, and there might not be the asteroid impact..however the larger ones starting and going org by org will cause disruption. kinda hard to avoid attention when theres 30,000+ people all wondering what the heck is going on for the last few months..

plus, a lot of mounting evidence points to it being a bit larger and happening quickly. doing it over a couple months goes into the RTO in january which is already a total cluster and it isnt here yet... one org disruption at a time..

and oh yea, this site is 100% assumptions and speculation so...

i'm skeptical of any date. Two flawed assumptions have been circulating on this site for the past 60-90 days:

1. layoffs MUST occur so as to book expenses in fiscal 2023; did the CFO anywhere, at any time make that statement? Pure speculation that it MUST occur for fiscal 2023 expenses booking
2. layoffs will be a "big bang" event. On a quiet Monday sometime in October 2023, 35k employees, the next day a "tuesday", 30k employees. I have seen people drop off here an there, also in Digital there have been layoffs already. There is no evidence that it will be a big bang event. My money is that it will be done quietly, with stealth and discretion over several months, a little here and then a little there...so as to avoid as much attention as possible....

IC Director here. I have been hearing 10/17 for a couple weeks now.

@bod+1p3u7rYa yea a lot of real estate "updates" recently too...

aside from that, has it felt unusually "quiet" recently? feel like i have to filter out nonsense emails daily whereas the last week or so its been minimal..

I am the OP of OCT 17 - 10/17 - 23290. The fine people at thelayoff.com deleted it, perhaps on the request of HR. Yes, it is happening on 17th. Good luck people.

Add to the list Omaha requires everyone to take their personal belongings home by this Friday.

Yay! I submitted my LLC paperwork today, so I hope it’s soon! I’ve got stuff to do! 😂

This is awesome. Thanks for consolidating the evidence OP