Any insight on the branch network? I’ve heard mixed yes and no answers without anything concrete.
The FC’s and managers in the branch are all 60/U1 so fall into a really expensive severance pool, so I’d guess no impact.
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Clients actually DO care that their FCs have Vice President in their titles. Do they realize ALL FCs are VPs? Probably not. Do they ever ask who the President is? Also probably not.
I don’t talk to clients. I’m not a wanna be Director. I basically am a Captain that commands a nuclear submarine, and don’t fly a cargo plane hauling dog doo doo out of Hong Kong.
I’m hoping when you talk to people you don’t introduce yourself with corporate grade. Everyone has a business title and a corporate title. For many it’s the same for some it’s different.
A client wouldn’t know the difference between 60 and 56.
FCs are not really grade 60s, as in a true Director. They have that title so clients feel good talking to a Director grade 60. This is like the rank of Captain in the Navy (commands a nuclear submarine or destroyer), versus a Captain in the Air Force.
Branches are affected. 10% cuts.
I’m guessing the branches aren’t a good target for this round of layoffs. The branch has a pension plan that pays out over a year later which would increase next year’s payment. The plan kicks in if the FC retired at 60, or if their job is eliminated.
Career achievement award is mentioned on a Schwab public compensation page but the details don’t look available to all so maybe someone from the branch can chime in.
https://www.schwab.com/public/file/P-6560610/REG31752-45_HowWeCompensateOurInvestmentProfessionals_Final.pdf
Not sure the branches are there for physical traffic. More marketing than anything else. Can’t imagine they’re looking to close 50. That would erode all trust in those markets.
One time expensive severance doesn't matter how much it is.
The opposite. They will be targeting high earner leaders for severance. Branch network will be gutted of support staff. High performing managers and FCs are very safe.
I heard from a pretty good source they were looking to close around 50 branches that just don't have the traffic and business they used to.