Thread regarding Charles Schwab Corp. layoffs

Meat grinder with zombie employees low moral

Walt Bettinger and his team of sycophants have been drinking at the trough for years at the expense of employees. Several years ago poor investment by the firm led to severe financial issues. Staff already underpaid were severely affected with 70% of already low bonuses while senior managers and Bettinger still paid themselves handsomely rather that taking responsibly for an issue they created.

Very little if any advancement opportunities. Salary structure that doesn't nearly keep up with inflation. Wage growth has been negative in real terms for years. But for many they are caught in the trap of this meat factory.

The firm attempts to lure young college kids to man the phones in dead end roles. Hopefully many of them realize it before too much time has gone by for those who let a decade go by unfortunately, they get trapped at a firm that is rife with false promises of career opportunity. I always felt embarrassed by the year end review process, minimal bonus and merit increases for many long and (foolishly) loyal employees. Schwab speaks out of both sides of their mouth. Rarely delivers on promised opportunities and rewards politicians that create processes and procedures that are merely smoke and mirrors to superiors that have no idea that the subordinates that run teams and departments below them are merely delivering meaningless facts and figures. It reminds me of a Monty Python skit where the "Administrator" Goes in to an operating room and the Doctor rolls out the Machine that goes "Ping". The machine actually does nothing but the administrator (Senior Schwab management). says " Oh wonderful I see you are using the machine that goes PING!"

These meaningless progress reports and processes do nothing other than irritate the teams as they realize that their useless self serving managers are merely managing up to an out of touch clueless management class that also could care less about the staff and health of the firm.

I have worked for several corporations over my career for me this firm was the worst. These are my observed opinions and experiences some may, and certainly are free to disagree.

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| 2141 views | | 8 replies (last April 10, 2025) | Reply
Post ID: @OP+1jp6fjtev

8 replies (most recent on top)

It’s so bad here… the whole world is burning and it’s just business at usual at Schwab. We are rearranging deck chairs on the Titanic as the ship sinks..

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Post ID: @4bj+1jp6fjtev
Schwab was great before td acquisition!

Not really. Cambridge, Mercury, US Trust, Windhaven, Wasmer Schroeder, Compliance11, Cybertrader, optionsXpress and more. Schwab failed at all of them until revising Mercury and then acquiring TDA. USAA wasn't terrible. But public cloud failed a lot. And lots of M&A. Lots of chaos. Lots of internal failure. Then morale, pay, workload, layoffs, incompetence. Things are a little better this year but that will change with tariffs and market storms and more chaos.

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Post ID: @3ny+1jp6fjtev

Schwab was great before td acquisition! The previous poster was right! The purchase was completely without merit or need. Td employees and td mgmt have a chip on shoulder. Blue is no longer same. Get Walt off the board ,he made obscene amounts of money buying that cr-p co…destroying morale . He also destroyed chucks legacy. That man gave his life and soul only for Canadian wb to lunge forward and buy a cr-ppy Canadian company. Disgusting..and off he slithers leaving the true blue employees holding dirt. The board now needs to be accountable to the employees. Laid off excellent employees so as to not pay deserved wages. The caliber of replacement is low bar. No one even smiles anymore , much less laughs. Rick has a lot of work ahead of him on many fronts.

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Post ID: @3hq+1jp6fjtev

It’s an absolutely horrible place to work. Leadership does not lead. They just do these ridiculous initiatives that are all about slogans without actually putting any teeth behind it. Morale is so low people are struggling, especially the ones that work the phones. But I do agree there’s so many zombie employees that have no soul that work at Schwab.

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Post ID: @2gf+1jp6fjtev

Schwab was a great company prior to TD acquisition. Everything went downhill from there. Avoid like the plague.

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Post ID: @240+1jp6fjtev

It’s so annoying when a company forces you to work there, right?

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Post ID: @cp+1jp6fjtev

"Those who can't, manage at Charles Schwab."

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Post ID: @b2+1jp6fjtev

"Those who can do. Those who can't,
Work at Charles Schwab."

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Post ID: @af+1jp6fjtev

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