Thread regarding Charles Schwab Corp. layoffs

It's almost as if words can evolve over time. There are numerous words that don't mean what they used to. Some of them are insulting now. I'll let you figure it out.

At @iee+1pj3N3V Toxic means harmful to your health right?

I don't think people understand what the word toxic means anymore.

Looking at who has meetings in my org…it’s all D/MD level.

@uxn+1pj3N3VW My wife’s father worked for a huge beverage corporation (you can probably guess who) for 25 years. Worked his way up and was making good money. Never missed work, always met his goals, was always working OT/weekends etc. Around that time, his 10 yo son got cancer (he’s ok now).

The company laid off basically ALL tenured employees with service over 20 years despite posting record profits. Didn’t matter how well you did or how important your job was… it was like “you’ve been here too long, see ya”. It was a bad time all around for their family. A year later, he got a better job making way more money than he did before.

The moral of the story is both optimistic and dystopian. On one hand, promotions/pay increases are good for your long term career and earnings. He wouldn’t have gotten his new job if he hadn’t done well at the other. He always wouldn’t have been able to survive without the savings he accumulated. On the other hand, it just goes to show that no matter how hard you work and how much you devote to a company, they just simply DONT CARE about you. You’re nothing more than a replaceable cog and a number on a page.

Always put yourself and your family first. Take that promotion, switch jobs if you get a better offer. Take time off for yourself and your family. Rest when you’re sick. Work hard, but not so hard that you neglect the rest of you life. I’m scared of layoffs too… but you can bet your bottom dollar I’m gonna make as much as I can before my number is called. I don’t make enough now and I really hope I’m not laid off, but if that happens, I’m hopeful that it’ll all work out for the better. Best of luck to everyone in the coming weeks, we’re all gonna need it

I’m fairly new in the full time job sphere so this is my first experience. It’s changed me - I don't see promotions and moving up as a good thing anymore. I know people will disagree and say you should always want to move up, but I don’t anymore. I don’t want to work my whole life at a job just to be laid off when nearing retirement. These decisions have real impacts on our lives. And it can be devastating.

@bpb+1pj3N3VW A lot of MDs will be laid off in this. No EC though. At that level you don’t just get laid off, you retire or resign.

Remember 2019, in Phoenix, the Peak, I watched a half a dozen people, who had parked south of the Branch have to walk IN FRONT of the Branch with their boxes, after being TERMINATED.

You’ll see it again on Monday. I think I’ll get some video of that.

Wait till we all see the lies about reverse pyramid

D/MD are > 60% layoffs across my area. Roughly twice the likelihood of getting let go. Dedicate your life to working your way up in a company then, bam, you're on the wrong end of your 50s looking for a company willing to hire an old fogey who makes too much. Don't get old in this business.

Wait till we all see the lies about “reverse pyramid”. There won’t be sh-t for EC and MDs laid off.

The faith that I have is that they do want to have a company that people like working at or is best in X-X city. And they will try to get back there.

But that this year and next its gonna be a horrible company to work for because of poor speculation on interest rates and bank holdings. They realized they screwed it and so figure might as well make lots of changes that were going to be hard to make because it'll be easier to do it now than later.

Look for Walt to be set up as the bad guy before he exits. There will be a lot of unpopular decisions attributed to him before leaves to provide cover for Rick Wurster who will be the new guy in charge. They'll set him to be employees friend as we close out 2024 and head into 2025.

100%

The thing I keep coming back to is how many times senior leadership either mislead is or flat out lied to us. How many times did they change their minds on WFH? 5? How many times were we told this year alone that there are no more layoffs?

Now our MD tells us there are more layoffs after this year AND all of the folks approved for full-time WFH will be denied in May when they reapply

Your employees don't just forget. Employee engagement is built on trust and loyalty. Culture is built over time but as we have seen destroyed in an instant

Does it matter what number they gave? They could have said 500 and the points made are still true.

How do you figure 2100?