How long until Walt does another mass layoff? I’m giving it no less than 6 months
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sounds like bs
"How many off jobs will be repurposed? "
Very few!
What a lot of people do not realize, is that salary is just a part of the cost of a headcount.
If you really want to reduce cost, you reduce the headcount. That way you reduce the cost for real estate, equipment, management, and other overhead.
About 3% in one big sweep!
It raises another question?
How many off jobs will be repurposed?
what it means outsourced , hiring new grads for same work, contracted etc ?
So number remains the same or even more.. but cost goes down?
@9ifc+1tON4uBR thank you for telling us the target.
About 3% in one big sweep!
Some functions will be wiped out completely in several locations, and centralized as part off the reorg.
Still discussions if the PMO should be discontinued, as we are now "Agile".
@xrj+1tON4uBR You my friend are what we call a bootlicker. Lack of work ethic is not the problem. The main reason Schwab is in this position is because they put a dump truck of cash into government bonds during the lowest rate environment in decades. Even a first year Econ major knows that’s completely asinine. Incompetent leadership leads to Incompetent systems which leads to employees who don’t care because why should they? Until this EC is sent to the moon, nothing will change. We can agree on one thing though… shareholders should be livid, just not at the middle class employees, only at the mo--nic EC that raised their own salaries and bonuses while cutting everyone else’s, and laying off others
What''s the target number or percent to layoff this go round?
The lists are getting ready for September! Quotas on how many to lay off are already distributed. Or, really the headcount target on how many that can be kept. Extra points for people who leave before the layoff date, and do not qualify for (this time, very meager) severance!
"Layoffs are done for a long time. I'm not saying they won't be in a position where they need to do it again in another 5-10 years but there's already too few people with too much work. I wouldn't be surprised if they hired back a lot of the people that laid off. Stop worrying people. You're safe for the next several years"
Not how it works! Some work will be dropped, as it was non-essential before, or not adding enough value. Some people will have to work harder. That is the way it is.
It people complain that there is too much work, there is currently plenty of unemplyed people ready to sign on and replace you.
Layoffs are done for a long time. I'm not saying they won't be in a position where they need to do it again in another 5-10 years but there's already too few people with too much work. I wouldn't be surprised if they hired back a lot of the people that laid off. Stop worrying people. You're safe for the next several years.
Mid-September!
Wall Street likes lay offs, and that will drive up the end-of-Q3 stock price!
Fasten your seat belts!
Document all of your interactions with management.
I’ve heard stories of management firing people to avoid paying them the severance.
Don’t work?! Lmao
The vast majority of people were at least twice as productive wfh. Less distractions, pointless meetings, small talk etc. Blame the company’s financial situation on its officers and poor decisions, not on the average employee who probably does more work in a single day than an executive/director does in a month.
Truly believe WFH vs RTO not the major factor that schw productivity being lower. what not the blind-folded leadership? why not the naïve policies in management? even my grandma warned me of the inflation and interest hikes after covid pandemic. She knew them coming why not our leaders with MBA Financial degrees?? oh sickening part was lying as mass layoff and building closures would save the company. Truth is just to barely making them flat and bare enough to pass. ugh!
Here's an idea! If you're worried about being laid off, redirect the energy you spend whining about it here to your job to boost your productivity.The reason Schwab is in this position is because you all thought that working from home during the pandemic and after meant you didn't have to work so you became an expense that got them nothing in return. If anybody should be whining on the internet its the shareholders knowing how much of their money is being wasted on employees who don't work.
It is part of his 2024 goals to avoid layoffs.
Checks notes
Walt already missed the goal.
It is part of his 2024 goals to avoid layoffs. So they’ll be effective approximately January 1, just like last big round.
They just hired the new CFO from Citi- the poster boy for large scale layoffs in the Banking and Financial Services Industry. They are stuck in the mud on the revenue side, look for aggressive expense reductions
Something has to be coming. Previous ones have been integration related but now that is all over for the most part. Now should be more related to economy, but which industry do we align to? Do we identify as a Brokerage firm, Bank, Tech Finance space which one has less layoffs? 🤣
If the past years are any sort of sad indicator, usually in the Sept - Oct timeframe.
Agreed. I'm hearing it will be around October again.
Probably after Q3 around Oct again