Thread regarding Charles Schwab Corp. layoffs

I’m just hoping they fire all the lazy Indians in my office.

I heard CS&S leaders have a "secret meeting" sometime today. So, assuming that's real and what the meeting is about, next week is looking likely.

@1aqy+1pfCI1DZ completely agree. but it’s not below this EC to do something like that

10/31 would be pretty cruel and f*cked up. People with kids know what I’m talking about.

I suspect it will not be this week or next, otherwise, Peter should not mention nothing during meeting. Probably after Nov TG, if it goes well, well, maybe we don't need so many people, can lay off more.

I suspect corp not only monitor this site, but lead some direction as well. When put a date here with very high possibility, maybe some people will go out and get an offer, and schedule start date to be after expected day, when the date moves, they may not easy to move start day on offer, they can only resign.
That's the reason why there were always new theory coming out, no matter is "Walt wants to do the right thing" or "you can have 60 days end in 2024, but company can put expense in 2023". Those will be there when pervious theory dies. Corp wants you to keep chasing the date

Heard from reliable sources that it is going to be 10/32. These are very reliable sources. VERY RELIABLE. Oh almost forgot.... take it or leave it.

10/30. Another reason to hate Mondays. 🐱

My only thought is that if people leaders are having meetings tomorrow, I highly doubt the layoffs would be much later than this week. I don’t think HR would trust passing a message like that and then having managers sit on that information. No way will leaders keep their mouths shut if they get that messaging.

At this point, the only surprise would be if it took place over the weekend.

1. One billion plus reduction over Q4 2023 and 2024. So it is not one and done.
2. Bonuses will be paid to the laid off resources.
3. Date will be a surprise.

Good Luck.

But what does it all mean Basel?

@dji+1pfCI1DZ. More apt to say the logic submersible imploded heading toward the Titanic (over the summer).

At: @oul+1pfCI1DZ

Short Answer: Why not?

Longer Response: Why would you come to a speculation site and hope not to see any speculation?

Bonus Question: Upon seeing speculation on the speculation site, why question why there is speculation on the speculation site?

@oul+1pfCI1DZ I’d rather speculate than work..

At this point, why obsess or speculate?

@njm+1pfCI1DZ Puts it a little late to get it under the Q4 line…

They can get around the 60 day WARN period by just keeping people on payroll for 60 days.. so you get the ax on November 1st but they pay you through the rest of the year.. doing it mid November would push it into 2024, and although they might lie to us they don’t wanna lie to the share holders who all heard it would happen and be under 2023 moneys.

Like so many posts said, logic is gone. Once source I know (who is under NDA) said the date will make absolutely no sense when it happens but they “have their reasons”

Just to reiterate the last post's point: The Logic ship sank with the Titanic a while ago.

September would have been the most logical time. They could have announced the official EOY savings in the recent earnings update, it would not have interrupted Nov TG, and everyone would have had time to re-org and plan projects for 2024.

Since that didn't happen, I think the date is anyone's guess. The logic ship has sailed.

Second week of November is the date. They would be absorbing the lay off related costs in this quarter. Expect something in the week of Nov 14 to Nov 16 . Schwab is not mad to throw the TG migration to a disarray . There are downstream impacts with migration for various areas and the last they want is some critical resource out and scrambling to get things done.

The normal day is Tuesday. The 31st? Halloween impacts those with kids going out. Some take the day off to prepare for parties and school events. Bad day to implement.

It would also be 61 calendar days before year end. Unless they intend to leverage a grace period that would be one day outside the 60 for bonuses. Of course they can make up the rules and the points don't matter.

The next Tuesday is Election Day.

But they have a plan. A great plan. Months of planning plan. Certainly not anything that would disrupt careers or lives.

only makes to me to have it done after NovTG has closed and all those accounts are settled and good. Nov 13 - Dec 8 is where my money is..... several individuals in prior posts were emphatically saying: 10/24, 10/24! Well, today is 10/24. Nada, zip, zilch...crickets... i think the closest anyone will get is a date range for sometime in 2023 as per the 10k. I won't believe that there is a "date" out there...

OK, I'm as in the dark as anyone but let me throw this out there. I think it will be sometime before it's time to write our annual self assessments. I don't believe they would have someone who will be let go complete the self assessment process. I hope it is before then but I feel it will be done by then at the latest.

I know layoffs will start next week. 10/31. The "secret" meeting tomorrow is most likely to prepare leaders for these layoffs. Reorgs will happen quickly after the fallout. Probably mid November.

PL here, in STS. Standard BAU radio chatter but there is chatter on this forum about a special "don't say anything" email. I have NOT received an email like this.

This is purely speculation, talk among my colleagues, which includes PLs up to Director level (no MD). Many seem to think 10/31 is the date.

I have heard 10/30 but I see things that make me think the 2nd week of November.

I’ve heard next week… also just pure speculation from a director. Supposedly some people leaders have a weird meeting that popped up for tomorrow but not sure what it entails. At this point, I’m having a difficult time getting anything done because most people are just showing away and not getting back to my messages.

PL in AS, I was told layoffs would be after IMPACT but no date was confirmed.

Only have heard that there will be cuts and things will “shake out” by the new year from a leader… nothing more than that