The layoffs numbers are far more than we expected in excess of 10%
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@mrr+1pfBaNaa my memory is gonna be "really bad" after I'm laid off, I'm afraid. Where's that document? Oh I think it was in some folder on my VDI that wasn't backed up to OneDrive... I think? Sorry! (not)
Client facing will have layoffs and they will not be minimal
3000 plus Schwab employees and 3000 plus TD. Source contact within Boston Consulting
I’m hearing 25% across the board
Each team within an org can have different percentages. Some are heavier with certain grades than others, or have more redundant roles than others, and size of team varies greatly. Some could be 25%, while some is just 5% or less. But we do know the numbers of project impact, as that was already released and included in a filing. It isn't 10% across the firm.
Our team was told 25%
You think they would call you back in the 60 days - let them try. When they lay you off they ask you to log out and remove all access - it would take them at least 60 days to get you access AGAIN - let alone get you motivated to do something productive. Let them be short sited !
@qya+1pfBaNaa agree the number would be larger, but i dont think waiting till after nov TG makes sense for the re-org. the layoff and the re-org happening in tandem is just a recipe for more issues and problems, so there will need to be some form of break between the two. Waiting longer means it gets closer to the holidays and an already bungled RTO.
the 3rd and 4th order effects will take WEEKS to sort through. Org charts, whos reporting to to for performance reviews, leaders having to gather information on new employees to do anything, re-alignment of roles and team functions etc. Ontop of that, real estate needs to redo all those seating assignments they just re-did...if the layoff doesnt happen soon, all that will get pushed to the literal worst time of year to do anything...
all that being said? with the pi-s poor planning that has gone into this and everything else it wouldnt surprise me if that was the case and we all have a pretty awful end to 2023, and an even worse start to 2024...
What is the source of this info?
The fact that the layoffs have been pushed out so far from the original announcement, to me, suggests that it will be significant (so much so that you need to wait until NovTG closes and you need the additional time to figure out how Schwab after layoffs will still be successful in terms of adequate staffing). Probably a significant re-org that no one will be able to ignore (despite the fact so many of us are trying to keep our heads buried in the sand - ignorance is bliss...)
I'm out of the office. Did it happen today?
@fuh+1pfBaNaa how much of that is low level regular turn over? phone reps dropping and people who do menial tasks leave all the time..usually in large swaths.
the folks that actually make significant salaries havent left yet.. also contractors might have just left because their contracts ended so...
We don't need more finance monkeys - there are enough of them and their spreadsheets - get rid of 1/2 them and hold the rest accountable for the financial decisions that are being made
I must have missed the 5% number. I did hear 20% MDs and 18% Directors.
Fake post
@uoy+1pfBaNaa we are down 1000 FTES and around 2000 contractors since the July announcement. This is not accounting for the fact that they’ve been periodically hiring people that are “useful”, like finance associates/branch positions. Just this Monday they’ve onboarded over sixty such positions.
I agree that very few managers or directors have left. Other than a few high profile quittings in DS and HR most are waiting for the severance check.
Yet another BS post by some Internet loser that's just making sh-t up. The number was already confirmed to be 5% across the board. Derp. Get a life.
They had said overall 5%, but each group individually may be impacted differently.
Question is if we can believe the original 5% communication, God knows.
even if they wanted to get to a cool 30K it would need to be a bit over 10%...especially since there wasnt that many folks who left after the RTO announcement like they had hoped
Can't you at least provide a source or at a bare minimum, "take it or leave it"?
Over 10% really isn't that surprising though. They did mention that they wanted to trim the numbers down to pre-TD integration levels, which is fewer than 30,000.
Not bigger than I expected. I think 10% is on low end.
No it isn’t.