We are hearing Schwab is planning another round of Layoffs by Year end, is there some truth to it ?
We know two major Orgs have Merged AST and WAM, not sure if it’s limited to it.
17 replies (most recent on top)
@gp I heard that is not true.
Heard WFS (now WS) consolidating SPS, RPS and DBS. But yes consolidation looks to be happening. I’m guessing cuts are part of that as well.
what are WAM and AST? what do they do?
Layoff, if it happens. I counted backwards 60 days (notice period), minus holidays, starting from when the folks' from the 2023 60 day notice period ended, then looked at 2024 and when the first full week of Jan 2025 was ( in other words applied the same count as 2023 layoff to 2024) to arrive at 2024's announced layoff date, Nov 4, 2024). Nailed it, was laid off Nov 4, 2024. Cleaned our my desk the Friday before (Nov 1) and put in for WTF the week of Nov 4, 2024. (Just so I didn't have to be in the office when the $4it went down) You can do the same calc, 2024 big layoff was announced Nov 4, 2024, with 60 day notice ending Jan 10, 2025. Give kudos to Schwab to push into the next year so you don't get hit with a larger than normal income in the same year you get a large severance (for those that have 6+years of service). You should feel it in the gut if you're on the chopping block). Life after Schwab is WONDERFUL! Great companies out there. If you get the ax, hold your head high, never question your worth, and power on.
Here is part of the problem for Schwab IMO. Former employee here. I wonder about all those PALs that Schwab pushed. An interest rate might affect this, but Total Assets are in the RED to the tune of $480B.
Revenue Increase US$19.6 billion (2024)
Operating income Increase US$7.69 billion (2024)
Net income Increase US$5.94 billion (2024)
AUM Increase US$10.1 trillion (2024)
Total assets Decrease US$480 billion (2024)
Total equity Increase US$48.4 billion (2024)
@nq Oh yeah, they love people like you. Can't rock the boat because of family. Well, I don't have that situation. I did rock the boat, and you're right, I was fired. But, it was the best move I ever made. Have fun in that office. ;-D
Vegans are straight sho-ters those who eat meat are compulsive liars!
@gw As a 100% remote employee, I am nervous. I do have a medical exception due to a physical disability. Either I work from home to be able to manage my impairment or I work in office and gross out my employees. It’s a very unsettling and unfortunate spot to be in and I hope I am not affected.
@nq Clearly the best approach is passive resistance. Speaking up = death sentence. Enthusiastic sycophant support while not complying = inspirational comedic relief.
@n0 @n0
Well, as a responsible provider for my family, I do follow rules set by the company, even when I don't like it. Talk to the jobless folks out there, you will be glad to even have a job. I am 100% in disagreement with the RTO policy and many other stupid things our management is making. But, when some % of employees are following orders, they need incentives. Be a maverick and speak up in the town halls/ CTO forums about RTO. See where it goes!
@gz Lemmings don't deserve incentives.
@gp heard the same. New company name is wurster corporation. All smooth brained vegan remote workers will be fired.
@gw agreed! I am not heartless but if they do a layoff I would expect them to put remote workers on the front line. I made sure I was in the office > 90% of the expected days. There should be some incentive to the ones like me. May be start looking at remote MDs, Directors and then drill down. It's easy to say come to office and stay 8 hours minimum (thanks Renee!) from a couch in your home.
Schwab layoffs are a regular occurrence, and we are due. It is not a matter of if, just when. Those that should be the most nervous are 100% remote employees.
I heard that they are going to lay everybody off except for the EC. I heard they are moving the headquarters back to San Francisco. I heard that we are going to change the name of the company. Heard all this from an EC direct report so it’s definitely true.
Seems plausible in Q1. With the new RTO plan it’s been acknowledged we lack seats in our highest demand locations. Can’t just add more. My guess is that the EC is hoping for some attention. McKinsey, though, demands more cost cutting. The economy provides air cover. India provides offshoring. Maybe we pay bonuses to those cut so our overlords can talk about how generous they are and how much care they took when reducing headcount? I can imagine Rick practicing those talking points in front of a mirror.
This is just a scenario not based on current inside knowledge.
Rumor posted here they are positioning for a large layoff. No date or commitment. Seems likely because Ricky is a cost cutter who promised efficiency and the economy is slowing. Confirmed that promotions, bonuses and raises will be soft from the town halls.