Thread regarding Charles Schwab Corp. layoffs

The EC gave themselves over a 100% raise in compensation in 2021 which was approved by the Board. It will be telling what their approved comp will be in March.

This is the real reason for RTO. They wanted to punish their employees for their horrible decisions.

Does anyone know someone who's happy at Schwab? Think about it.

Not happy for years.

But the trend has been the same for some time. It isn't punishing employees for their horrible decisions. It's to get talent to leave cheap and have a shop that can outsource foundational services while automating the business and having the money roll in to their bonus pool.

• Sell an absurd premise that the company will print money with increased interest rates. That would have required zero competition and somehow increasing the spread. No sane person would have believed this. And no sane person would move over 50% of revenue to something controlled by external conditions without contingencies including bond management.

• Decide that keeping the same bodies in the same roles in spite of epic failures is good business. This is particularly true in technology. Failed cloud. Failed modernization. Failed management. What's funniest? One officer with four dogs in Austin said no one should be here more than five years when he started. He is approaching his tenth year. And the company he left was a complete sh--e storm.

• RTO. Enough said.

• Compensation. Enough said.

• Layoffs. Good for some, wish I'd been included, and really? People who made the company millions of dollars were let go. Others who barely show were promoted. Yeah. What for-profit company doesn't look at revenue per employee and pick the performers to move forward?

We get it. They want more people to self-terminate. They want no executive accountability. And lost trust isn't a concern.

Is anyone happy here? Maybe. But there are people who believe the planet is flat and Santa is real too. Those who know know.

This is the real reason for RTO. They wanted to punish their employees for their horrible decisions.

Does anyone know someone who's happy at Schwab? Think about it.

I'm an director on the banking side and we have been barking about this for years. That senior leaders were missing the boat on this badly. We voiced our concerns many times and it fell on deaf ears. Schwab leadership simply didn't care then and they don't care now. I advised my family and friends to not continue to bank it invest with Schwab because I lost confidence that the firm was heading in the right direction. And unfortunately I was right. The executive council are milking this once proud company for all it worth and since most of them will retire within 5 years they don't care who's hurt in the process

Stock holders need demand a change and it starts with Walt and Rick. Both are con artists

@iwl+1qGfkdBb They just hear what they want to hear. No surprise there really. They may pretend like they care about diverse opinions but would always plow ahead with whatever d-mb nonsense they think is correct.

At a group meeting with another EC member in 2017, they repeated Walt's message that Schwab was well positioned to make substantial money when interest rates rise. It was clear the plan was to generate revenue on the spread using Schwab client's deposits which were paid low rates at the time. I pointed out to the EC member that I was also a Schwab client and would rotate my cash to higher paying funds (Money Market) and CDs as rates began to rise. He responded that in their past experiences "we just don't see that happening" and "Clients just don't do that" . It left me wondering about his understanding of basic economics. History and hindsight proved otherwise as substantial assets flowed out of Schwab bank with the reserves being backed by lower interest rate securities. And this cost me my job as an expense reduction. I am angry that no one on the EC admitted to the bad planning and decisions or took a financial hit or job loss. The ordinary employees took the hit.

The companies that allow their employees the best benefits and work life balance will get the best talent. Once the job market improves Schwab will lose the top talent

I hate this company and what it has turned into. It's a toxic nightmare with no direction or focus. The EC should all be fired

This is so on point. And remember, Walt works from his home office a lot and was actually allowed to work from his home office before anyone so he could be with his kids more.

Walt is a hypocrite and always has been. He's ruined the once proud Schwab culture

But his net worth went from $29 million to over $100 million so I guess it's ok

The growing discrepancy in senior leaders versus average employee is the biggest issue in corporate America

I'll commute to work and waste 15 hours per week in a car and sit in a 4×4 cube and attend the same remote MS teams meetings while everyone in my team are in different locations IF the EC gets paid accordingly to a fair ratio to their average employees