Thread regarding Charles Schwab Corp. layoffs

I was only making 75k (total after bonus) on a downsizing office and it makes no sense to me why I was on the list.

@hyx+1pnzfdYr

PL can be a 58 or 59 in STS. A 59 has "Lead" in the title. So 'SR MGR Lead' would mean the person is a 59, either PL or IC.

GL60/59/58 are just grade level, attached to it are different job level that indicates pay range related to a job family. A 59 Sr Manager PL in brokerage services job family will have a lower job level compared to a 59 PL in a job family on the IT side. So, don't compare grade level, the pay will vary. Directors in IT job families will be in the range of up to $250k base and MDs $280k and up. Don't forget the geographical areas too, SFO and Denver will be in higher tier while ORL will be on the lower level. MD in SFO could be in the $350 base range. I was a Sr. Manager Sys. Eng job family in AUS and I made $195k, considering 15% bonus and the key contributor award, I was at $240k bracket, probably the reason why I was selected. Pay was probably the number one criteria to meet the cut.

It’s all BS. We can speculate all day for the reasons “why me” and will never know. It’s not a blanketed salary band for all positions. Salary ranges and bonuses vary by organization, just saying. I was Impacted on Monday Sr. Manager 59 PL located in a downsized location base salary $157k +10% bonus. I was definitely on the low end of the salary range. My team of 6 IC 57 remain behind $115k - $120k with 10-14% bonus. Our MD PL 60 located in a popular location, $190k got the boot too. We both managed over the right number of people with 3 and 4 levels to the EC.

Glassdoor? I think you’d get equally reliable information from a psychic.

I was laid off- 57 IC making 125K total, including bonus. I definitely think that was the main factor. Weirdly, I’m interviewing and the roles I’m getting are starting at $125-$130k base. So I don’t know what their weird calculations were, but it is definitely for the best for me.

All of you are looking at salary wrong. The salary bands are quite wide and you can make a varied amount as a Sr Mgr, Dir or MD depending on what location you are in and what department. Some Sr Mgrs are making $100k, some are making $180/$200K. It's not flat. The other piece is benefits and PTO cost the company money. So add in health care, 401K matching, Bonuses, etc. These things make a $150K salary go past $200k with ease. The cost cutting measure was the totality of the position, not just the salary. Hope that helps.

Honestly just on our team a total of 4 people were let go. (including me, so I know my salary) - (1) PL 59 = 150k and (3) IC 58 = 130k ~ roughly 540k / yr.

Granted this might seem like a drop in the bucket, but this was just one team. It did seem like it was all the high-end salaries.

PL is 59, not 58, and it doesn’t mean anything unless you’re in STS. Which means in STS you manage offshore workers and maybe a SAVE team.

Sr. Mgr. used to mean something, before they flattened the curve, whatever the f that meant, a few years ago. But, now it is a hogh pogh of ICs and PL, no one knows where they stand anymore. It is just weird now

@edt+1pnzfdYr sorry for you, time to look for a job outside.

Just so we're clear... the words "senior manager" actually don't mean very much in this company. There will be vast differences in pay and responsibilities across people called that.

IC makes sense, and with being a PL that goes up, makes sense. Can you imagine being tasked with firing people because it makes the numbers align. Corporate Merica! But, I think Schwab was so over the board this brings them closer to being in compliance with the feds or state, or whatever it is. HR person, what is this called? Back in 2020 in some states Corporations had to come into compliance with listing all people in each grade and their demos, I heard Schwab still hadn't conformed or divulged this info. Maybe they are able to now?!?!

I’m a sr mgr making 175K base, but 180-200K seems like the right band for my level (58pl)

And, has anyone considered, remove the lows and the highs for each pay grade. Someone recently said they haven't abided by their Fed or whatever obligation of providing the relevant pay range and demos for each pay grade. Maybe you were too low or too high, easy pizzy, get rid of the lows and high and come into Fed compliance. Or, state compliance for each state.

I'm the Sr Manager 58 130k (IC) from 2 posts earlier. I was actually responding to @noi+1pnzfdYr who wrote "Senior managers are making close 180K to 200K". I hope it helps

And were you a Sr. Mgr. PL or IC? Regardless the question was about MDs. Are you folks really that clueless with what MDs make? I'm a nobody at Schwab, but WTF. Regardless of what they deserve or not, get with the program. MDs do have a sh-t ton of responsibility, unless your MD is an Oofffffff, and there were alot of them, super bloated.

1000. ron if you made 130k doesn't mean everyone else is.

I was a Sr Manager (58) until yesterday, I was making 130k. You pulled that 200k from your a-s

Is that true about Sr Manager salaries being 180-200k? That seems really high

$400-$800 not counting benefits, for those obsessed with this benefit thing.

MDs who are north of $200K, are you for real...you think too small. I wouldn't even put 200k, and an MD and in the same sentence.

MDs makes more than 350K... not 200K. Senior managers are making close 180K to 200K