Thread regarding Charles Schwab Corp. layoffs

Well this aged well :(

WFH activity? Like when did they log in, log out? Or what?

They aren't talking about mandating 5 days back in the office. They are talking about holding people to their WFH agreements. If you agreed to work 2/3 days a week in the office and aren't, you're under a microscope. If you were lucky enough to get approved as a full time teleworker, congratulations.

Anyone care to guess how big these supposed layoffs in June will be? They will have to be substantial to be meaningful for cost reduction purposes.

“Mass layoffs in June, next round is going to be brutal. It amazes me how much leadership has a complete disregard for their employees. No one cares about integration, this is about survival at this point. GTFO now”

I would be curious what is included in a WFH login activity report. Are we talking keystroke counts and mouse clicks? Or active time on teams?

History lesson - post 9/11, Charles Schwab cut 35% of jobs. While history may not repeat it does rhyme. There are plenty of areas for potential cuts. Between elimination of duplicate roles, process improvement, automation, and other avenues, it is plausible headcount reductions may be deeper than expected. Cheaper to pay overtime than an associate with full benefits.

https://www.nytimes.com/2002/09/18/business/schwab-sets-new-round-of-job-cuts.html

https://www.latimes.com/archives/la-xpm-2002-aug-13-fi-wrap13.1-story.html

https://www.bizjournals.com/sanfrancisco/stories/2002/09/16/daily20.html

Unfortunately have to agree with the previous comment. I had to stack rank my team for the April layoffs and we are being asked to continue after June.

Simon and Dennis failed miserably by asking people to come back into the office. That was met with uproar and Schwab had to relent.

Simon is very much against WFH. he's a developer by trade and his mindset is stuck in the 90s and early 2000s.

If they even try to do this they are completely disconnected with the modern workforce even more than they have already demonstrated

Manager here… if RTO is mandated I can confirm my entire team will resign and I will too. Too many good options out there to be made to do something no one wants. I hope it’s just rumor and not the plan. I’ve got some really talented people who otherwise like working here.

Simon is the biggest I D I O T there is so that pretty much settles what’s going to happen.

If this happens we all need to band together and fight it. If they force us I’m quitting

Wfh is here to stay. Companies that allow it will get the best talent period.

It's a complete waste of real estate costs when we've proven for three years we can operate at a high level remotely

If Schwab does this it's because of stale, aging leadership

If even a whiff of this is true, I’m out.

Try me.

These days you'd be an id--t to mandate it at all. WFH is the new normal, at least part of the week. Then again, we are talking about Schwab senior 'leadership', so...

You’d be an id--t to mandate 5 days a week in the office before final TD / SCHW conversion. I will leave and find something else if it came down to that.