Well the Fall layoff has begun!
34 replies (most recent on top)
@1pr will be a dream if goldman acquires . They will fire 90pct of our incompetent lesders in sts
@1b2 Goldman Sachs is what I heard. They are interested in Schwab for the same reasons Morgan Stanley wanted E*Trade.
@12w Except there isn't anyone in the market to buy schwab. the only logical acquirer would be morgan stanley but that is pretty far-fetched.
@12w Chuck's dream is to go private again. Stock buybacks are going to discourage purchase.
@y6 It is no secret that Schwab is up for sale. The company cannot modernize their aging infrastructure fast enough. The aging infrastructure is making it hard to compete. The AI push is lagging the competition, and the mainframe backbone is a sinker.
Whoever got laid off good luck for them in the next opportunity, surely you will be be able to find a better one than you had.
Whoever survived better to plan for getting picked up anytime in near future. Your turn may come up anytime. Better to keep yourself prepared with resume, skills update, interview preparation. Make sure you have a back up plan.
There are still opportunities in the market and very good offers.
@y6 Huge dip. Purchase today over $200 billion. TD was a tenth of that. No advantage to acquisition. TOS is a pain and young investors want simple or RH, IB.
@xy I've been thinking this myself for the past year. I'm thinking Morgan Stanley may come calling if Schwab stock takes a big dip in the next year which may very well happen. Chuck and Walt need one last big payday.
The big "push out" in Advisor Services is scheduled for October. The strategy is to ramp down the dependency on RIAs and start up more branches.
Very limited budget for new projects in AS in 2027!
@bj Schwab is NOT a stable company! It will be acquired within 5 years!
Which teams in STS were impacted. How did cto survive?
@n0 Have been for years. Lots written here about fighting and winning.
They are also indirectly forcing people to resign by putting them in PIP with unreasonable targets as attrition is lower than they expected.
where can I find the public information about this layoff ?
@f1 can't argue it started before Covid AKA 2020, you might know better than me! I did not start looking until post the last big November layoff.
I haven't seen the "300" or so quarterly - the list that has been visible to me has been much smaller. That said I cannot claim I am in a true space of knowing, so it is entirely possible my peek behind the curtain is not the full list, it could be larger! But 300 feels big; I feel like when we see the 100s we get much more traffic here or on LinkedIn.
Which means nothing, just sharing my experience and what I know for a fact I have been able to see/confirm.
Good luck y'all!
@ez Excellent summary. Two minor notes. Quarterlies are usually closer to 300 and started before COVID.
@OP while it is fall, this is just the roughly quarterly, "RIF" Reduction in Force, layoffs. About every 3 months there have been ~20-60 people hit. Has happened since the last big layoff in November of... was it 22 or 23? Sometimes it is mostly one org, often it is mostly targeted at certain job levels. This one was mostly Sr Mgr and above.
Too small to need to do any kind of WARN notice. Too small to make a company notification. But has been happening for several years every few months.
This is "normal". Not the new normal; it's not new. It also does not mean we will escape some kind of larger layoff, because they do this constantly.
Which is to say good luck to everyone! Your paranoia is not undeserved, but there is nothing you can do to become immune. Long term associates, short term, multiple departments. It does seem like maybe they look higher up the levels for these quarterly ones, but only for the majority of those hit. There is typically also a few under sr manager level hit as well. And often is seems mostly in one area, but never seen it exclusively 1 area. And at roughly quarterly, that just means a new org or department for the next round...
One of the casualties in STS today. I’m honestly relieved. This place is a cesspool. Good riddance.
@bj Quarterly layoffs, big layoffs, poor secession planning outside of the board. Get rid of anyone over 40 or speaks up. Hiring GCC, interns, AI agents. Stable? How about accountability?
I’m sorry for all that lost their jobs! May this be a step to a more stable company.
Yup, it started today, MD’s, Directors and the likes are all being let go in STS….
“Over hired in STS” that’s the key phrase here. HR needs to clean house if this is how they mess with people’s livelihood, not business performance.
I am one of the impacted. And for some reason I feel like they did me a favor. Weird...
Pretty sure not going to have the same feeling when money runs out.
Me too. Retail
@av Quarter layoffs are always smaller. Usually a couple hundred. You won't hear about it or know about it, unless it directly impacts your team or someone on a directly impacted team tells you.
How many impacted? Seems very small so far
@a1 Group? Sorry.
@aj that su-ks. I’m waiting to hear any news from my team.
@ag only heard of STS impacts so far
Which teams?
My boss is gone. The director wants to talk. I am hoping it is to tell me the news and not to let me go.
Are these the annual fall layoffs? More coming?
Yup happening today
Yep, I am one of the impacted