Additional Round?

I’m always skeptical of 2nd/3rd hand info, so let me start by saying that this isn’t confirmed. I know another round of layoffs was also always likely

However… my wife and I were at dinner with some friends last night and Schwab came up. Our friend has a son in law whose sister is a Sr Manager at Schwab. That manager told our friend that more layoffs are coming in the spring, didn’t really give any other info.

I’m not trying to stir the pot, just wanted to share this since the EC keeps feeding us platitudes about “economic environments” and “doing everything to prevent further broad-based position eliminations”. Seems like that’s all bullsh-t

Honestly, I was really worried about the last round. Now… I couldn’t care less. I’ve lost all trust/motivation and it might actually be the best thing for me to start a new chapter. Idk… I’m just plugging along until my number is called or I find a new job. Best of luck to everyone

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As a Schwab employee with business degree who has been trained to analyze corporate plans, the company is having more layoffs in 2024. I work in a small department that I suspect will be decimated. Employees are walking on egg shells. There’s a joke going around the office about an unofficial program called “lifeboat.” If you manage to find the career or opportunity “lifeboat” you won’t be terminated, otherwise you will be gone next year. I found my “lifeboat” with a Career Building Opportunity in Advisor Services.

@2hjf+1pXaWpgS I recall them stating in one of the town hall meetings that they want to reduce the employee count to pre-pandemic level.

@zgx+1pXaWpgS Is that a broadcast that was internal or outside interview? Still on the Schweb??

BTW. Former steak sauce refers to Managing Director level A1. There two other lower levels of A2 and A3. And then there is Director PL. This means Sr. Manager isn’t even mid level manager. It’s like bottom of rung.

Have we considered the fact Walt and Peter are trying to intentionally bankrupt the company ala Mel Brooks Musical The Producers?!? It’s the only logical explanation for clown show performance and pi-s poor management by the EC since Covid and the TD merger.

Thanks to former steak sauce for the useful information. In today's job market it seems unrealistic that 3000 people will leave the firm for one reason or another in early '24 but projections are what they are. If this is true I'd probably wait until mid '24 to see if I can escape via layoff.

And that "Former Steak Sauce" would get them to the number, I think it was RW who oofed and said several months ago in a company broadcast, of about 28k employees.

Former steak sauce here. The 2024 plan before my exit was 4000-5000 more to go. They hope it breaks down like this -

1K Q1 regular attrition.
Estimated 1K leave after bonus payout.
Estimated 1K leave after they expire all work from home exceptions in April.
Another 1K-2K formal layoff by summer

Call centers will be trimmed. Remember we hired over 3k extra reps to deal with conversion... once TG5 hits, I expect 30 days and they will start trimming.

@rom+1pXaWpgS

MD and up

Who does?

You do realize that a senior manager at Schwab is middle management at best. They don't know sh-t about the companies plans.

Thread regarding Charles Schwab Corp. layoffs

Additional Round?

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