Thread regarding Charles Schwab Corp. layoffs

@yxu+1p965g2G If you serious believe that the journalist put more thoughts into the analysis than the EC put into the layoff (which is pretty much zero) then I’ve got a bridge to sell to you.

I think the point of that part in the article is plug in your own number (avg. salary). They had to use a source, ex. maybe Indeed avg. salary for example, to cite a source if something came back to them. It was the safest way to plug a number in and would only based on straight salaries, not benefits.

All credablity was lost in the following article statement:

• "The average back-office salary nationwide is $50,237 annually, according to glassdoor.com. To reach $500 million in savings, layoffs would have to be closer to 9,500 employees, or $477 million in savings. " ----

Most of the people I know working on the integration are paid double to tripple this number or more, and the writer did not even address the true cost of someone anually, including all the savings/costs (401K/Medical/benifits). I doubt we have ANY FTE's that have a total cost, benifits included, of 50k unless maybe they are starting frontline phone reps, who should not be impacted. Plus they did not address the fact that the annoucmnet at least has been the the major impacts will be middle managers/directors vs lowest level back office folks. I seriously doubt its going to be nearly 10k people let go. That will zap all progress at this company.

I love it - the author is correct - Schwab is simply stupid - they have lost trust and MORALE and productivity from their employees since July - but lets restack offices and postpone RTO to give us a little more time to pull our heads out of out big a$$es. If they are waiting to see if their stock price goes up - the market might be waiting to see how they handle the big pile of sh-t they have created

@oep+1p965g2G It’s not even good research. They literally came up with the layoff number by using national average salary and dividing it from 475 million dollars. Goes to show how much effort they put into the article really.

That said the fact that people trust clickbait reporting than official Schwab information is a testament to the sheet sc-mminess of the EC.

I wonder if that’s going to change how people post on this site? Or if they will address the article in any way

I disagree. Any bad publicity for the executive council is good for us. They will have to address it now

Riabiz scambaited all of us and adding fuel to fire.

The content writer stole the posts and comments from this website and made it as a headline. That whole article is riding on speculation, not on research.

Props to that journalist! Way to tell it like it is and call out our EC! Walt can lie to us but he can’t lie to everybody

thanks for sharing, OP

Wow... EC are a bunch of a--holes.

So basically our math is wrong, they may need all the time till Xmass to start this, two more months!

good find!

This is very informative. Thank you

Thank you.