Thread regarding Charles Schwab Corp. layoffs

I’m true Schwab fashion…the people leader meeting has also been delayed

Delaying RTO is about the employee experience. And by that we mean giving ourselves more air cover to let go of you all. Cheers!

Rto pushed back to 1/2/24

Not sure how it hasn't been posted yet...but RTO is being pushed back to Jan 2nd

What was update?

It’s so funny to hear him say that this is all about the employee experience and the feedback that employees provided. I needed this laugh today.

"Please provide a transcript of the PL meeting."

blah blah blah we screwed up blah blah blah RTO now 1/1/24 blah blah blah

Starts in four minutes. Fingers crossed.

Please provide a transcript of the PL meeting.

I don’t k ow the true intention of the OP that used the word woke, but that poster did put it in quotes. Not using woke directly. She was claiming someone else, our CEO, used it in the slang context, or what most of,us consider derogatory context.

@jbq+1o2FgKqD I have zero respect for anyone who seriously uses the word “woke” outside of its OG meaning. But it tracks with putting D&I under Legal — just so disappointing on so many levels.

All people leaders have a meeting for 15 minutes at 1:30 EST.

This is just false info.

Does anyone recall “we’re not going to backtrack or delay it” And they wonder why no one believes anything they say. Good or bad for employees.

The flip flopping on big decisions like this is really bad. Its amateur hour. Gives me zero confidence that it's a meritocracy and the best talent will be laid off unfortunately.

I work here. I just got offered $10 more per hour to go work for another firm. I’m just gonna leave. We do so much for this company and the compensation isn’t even there when you compare to other firms. It’s disrespectful to say the least.

Meetings are pointless. Half the time we’re playing a game as if we’re in high school.

@bjh+1o2FgKqD

If you don’t mind me asking, how do you guys see how many employees work at a particular city?

In addition to Westlake, Orlando location is also short about 500 seats, they still have not secured a location. How they didn’t consider all this before the RTO email is beyond me.

It doesn't take a rocket scientist to calculate how many desks you need for RTO - this all should have been taken into account BEFORE they announced RTO and then layoffs - WHAT a bunch of babbling baboons! They are all worthless at the upper level

I’ve heard that they do not have enough space in Westlake for everyone they hired during the pandemic. Will they be more heavy handed with layoffs there or does it not make a difference, I don’t know. I also think the delay is due to not enough attrition with the announcement of RTO.

I don't see any announcement

What does it say about Rick, Walt, and the EC that they need a third party consultancy to advise them to finish mass layoffs first before RTO. SMH

@rue+1o2FgKqD as a long time blue employee, I have to agree. 75% of meetings are a waste of time.

@ekq+1o2FgKqD

Blue conflates meetings with working. I've never seen something of value accomplished in a Blue meeting.

Ok we are going to make them RTO in October! Send out an anonymous email stating this…

Ok we are going to have massive layoffs… send out a generic email with no time frames or further detail

Ok now we aren’t going to RTO until we fire everyone…

why do we need a CEO and EC when they use the same logic as the “Magic 8 Ball” from Spencer gifts at the mall?

What are they gonna do next? “Try again later”

They will delay it - they would rather layoff while you are remote rather than having to look you in the face. Also, could minimize potential lawsuits relating to RTO - if you are laid off they don't care weather you would have RTO. This just means they will drag layoffs thru the end of the year - they have a consulting company telling them how to proceed as well as a bunch of high paid lawyers

It really is a poorly run company, isn't it? Back in the day when they first bought TDA, after the first couple of days of unnecessary and large meetings we started asking when do they work and how did they buy us? Still don't know the answer.

Yep, 15 min people leader update with Rick at 1230pm central. No q&a

People leader. I do have a meeting invite for an RTO timing update today.

If what the OP is saying is accurate, this makes a lot of sense given that from a real estate perspective, there’s not enough seats in many of the remaining locations for all the people who would be returning to the office. Why have people upset and fighting over desk space when some of those individuals will be a part of the layoffs. Having experienced layoff situations many times in my career, it’s always messy, but this has been particularly so given the real estate strategy is being executed at the same time.

Curious...what do you all think the total AUM is for employees with Schwab? Since we are required to have all of our investments, our family's investments and anyone living in our household brought over to Schwab when hired, which BTW is never mentioned during the hiring process.

@jbq+1o2FgKqD

That stuff is barely funded to start. Schwab doesn’t care about it and that won’t change.

If they really hired a third party service for these layoffs, you shouldn’t worry about race being a factor. A third party who focuses on stuff like this knows the rules and they know it’s extremely illegal to base it on that. They’re going to have a spreadsheet with numbers instead of names and details such as tenure, pay, etc. how much it costs to keep you. They’re not even going to be aware of what color someone is.

@jbq+1o2FgKqD
If it is any consolation, I really do feel persons of color, that fall in a minority group at Schwab, will be taken into consideration, and not just lumped into the numbers big picture, even though they may forego performance. This would be something Legal will review and sign off on.

As a woman of color, I'm terrified the layoffs will be targeted toward black and brown employees that look like me. We only have a few black female mentors in senior leadership and BPACS members are hearing Walt wants to cut all programs he considers "woke", starting with diversity and inclusion.

"Highly encouraged to delay RTO until layoffs complete."

I've been around for a number of layoffs already, and can tell you right now, that is a wise move. Many others also commented the same on other threads. This helps with containment of folks that may go ballistic. You don't want them on site when that happens. Doing the notification remotely, while they are home, gives them more time to cool off, and do so with dignity. I always figured layoffs will be sometime in September, for this very reason. Not sure I understand why they are going to push back RTO all the way till 2024. Unless the OP is implying multiple rounds of layoffs as we clear different integration milestones.

Do we have any information on what groups will be impacted? (I am taking this post with a grain of salt.)

I'll take it, because I "heard" something similar. That RTO will be delayed to 2024, however, I did not hear anything about impacted will be purely a numbers game.

big if true

What a mess. Bet those survey results may have played into this decision as well 😂