Every year there is a 'Customer Service Week' where people leaders (PLs) in service orgs or back office service orgs are expected to go out of their way to thank and appreciate their teams. This year that week is 10/2 - 10/6. We know all groups will be impacted by the layoffs in some way and some more than others. I've seen a lot of people predicting 10/3 as the layoff date and if that were the case for the service teams, I cannot express how insensitive and out of touch that would be to the service orgs. Honestly there is a lot of hate here for Schwab leadership but I've enjoyed my time so far at the company but I would say that to me all the hate would instantaneously be validated if the timing was next week. It would truly show how out of touch they are with theirfront lines. So, I think the SLT is in touch enough that it won't happen next week for any service teams. But if it does, ouch. Sick burn. We'll see how it shakes out soon enough! Best of luck to all going through it together!
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Just let me go already. TD > Schwab
Like almost everyone else on these boards, I am very much looking forward to no longer having this angst intensive lack of uncertainty in our lives: continue working at Schwab or start working somewhere else? One assumption that has been accepted as infallible, 100% true is that in order to realize the expenses for layoffs in fiscal year 2023, the 60 day notice period MUST begin by 10/31/23. Could be absolutely true but on the other hand, accounting practices are always changing and becoming more sophisticated. It could be there is some "loop hole" or accounting procedure whereby you could, as per GAAP and 100% acceptable, expense a layoff cost for 2023 Financials even if you were to provide the impacted employees the 60 day notice start date sometime in either November 2023 or even December 2023. I was convinced week of 9/18 was the first week. Nothing happened.
For all the things one person hears another hears something contradictory. I heard that they didn’t take into consideration any October event (like Impact) and that whatever date they did pick won’t make much sense.
Don’t assume there will only be one, we are probably facing multiple. The lack of clarity and one person hearing A while another hears B is done to throw us all off the path. The lack of clarity on who it is and who’s making the decision is to keep us complacent
What appears to be a bungling is done intentionally. If you drive more people out on their own that’s less severance you need to pay.
I have heard that there could be some layoffs the week of the 16th more related to integration, but bulk will happen on 10/30 (Happy Halloween M'fers) — after IMPACT (because paying for mellancamp and the flowing alcohol over a 3-day period is more important than employee salaries). I find the IMPACT tag line this year ironic — "Stronger together — strength in numbers" AYFKM??
The longer they take the more job applications we can all submit giving us more options on D-Day regardless of whether we get the golden ticket (severance) or not.
Job market is ripe. EC be shady. ChatGPT spitting out my cover letters like the Fed does money.
OP just put more thought into layoff planning than the entire EC did for three months since July.
assume they would coordinate it around a specific date to avoid an event (like client service week or the earnings call) is using too much brain power.
They went with whatever date made cents.. if it was more cost effective on X date over any other, that is the date they will pick. regardless of the timing
It will be Friday the 13th!
Exactly. It will start week of 10/16 is my guess. Either earnings call will trigger it or end it and my guess is trigger it with Walt retirement on Jan 1 announcement.