I dont know which inverted pyramid did they refer to . 75 percent of folks I heard and see here are all the 59's and lower . Are we missing something here ?
15 replies (most recent on top)
It's inverted by percentage (and salary), so for example in one ops department 4 out of 15 directors (bottom tier directors), were impacted which is 25-30%, handful of managers (less than 10%), and dozen to two dozen reps (56 and below) out of around 1k reps (which is around 1-2%).
@wzq+1pll8mzY Can’t wait till managers are demoted to the grunt position and have to do actual work for once. I can literally add more value to the company by showing up and smiling blandly. At least it will make the environment seem less toxic.
Numbers can be spun any number of directions to make it truly an "inverted pyramid". The more shocking thing is you believed them.
One of the orgs, I was checking had still that bloated directors reporting to directors . And we have cases of NERDs or associate levels being fired . The ones who have to do the real work are let go while the ones who don't have time to fix what affects clients are still running the show. At times , I feel bad about the end customer or RIAs who use Schwab.
The pyramid is by percent age not total numbers. So I've heard like 20% of MDs, 15% of directors. As long as they laid off less than 15% of Sr Managers and Managers, Sr Spec, etc.. down the line - then thats the inverted pyramid they're talking about.
@lcr+1pll8mzY Same.
58 here, paid much lower than most 58's, lower than some 57s and I was impacted.
The impacts in my group were only Director+
I was a 57 client facing.
But I was also overpaid. Assuming that’s why I was cut.
There are (or were) only 500ish MDs at the firm. Inverted pyramid refers to the % at each level.
On the plus side all the managers will be demoted to grunts and nose to the grind wheel we go.
Lots of MDs and senior managers in westlake let go today
To be fair, what percentage of Schwab employees do you think are above 59? Director and Sr Manager is still up there in the pyramid.
No MD impact in my area. Plenty of GL60 and below.
It is inverted - they just didn't bother to tell you they were starting at 59/60