Thread regarding Charles Schwab Corp. layoffs

Id actually like to keep my job at Schwab but WARN + maxed out PTO severance turns out to be 21 paychecks or $100K+ after tax for many that are targeted to be laid off.

Every company could be different but if you look at others such as IBM, some give one week for every six months served, with a two week min.

I would say that our severance is generous and most experienced hires here will find jobs, the market is not bad for our demographic. Schwab has street cred if you ran something here or technical, just test the market.

If you’ve only been with the company 1 year and are a CRS how much severance should you expect? 60 days?

To add some more to the last posting I provided:

The 60 days notification gives you some time to prepare and get things in order. For example:

1. Take care of any medical needs as you continue to get full benefits during this period
2. You can start applying for jobs both outside and within Schwab. You will continue to get access externally to Schweb job postings.
3. If you do get another job within Schwab, then you return to work, and lose any lump sum severance that was scheduled.
4. If you accept another offer outside, then you must inform Schwab, and they will pay you your lump sum severance plus the remainder of you 60 days.

Hope this helps.

Minimum severance is usually 5 months or 6 months. The following applies to all non-officers (i.e not an MD, but grades 52 - 60). Severance is the higher of 10 days of pay per day for every year of service, up to a maximum of 220 days, or the minimum I mentioned. So this means you will receive a lump sum of between 12 paychecks or 22 paychecks, plus any unused accruals (vacation). In addition, you remain on the books and have continue to receive a normal paycheck, plus full benefits, for 60 days after notification. During the 60 days you do not need to come to work, unless you are called. I have been through several layoffs, and will say that that is rare based on colleagues that were impacted. During the 60 days period, you lose all your credentials, and you need to turn in all your equipment (notebook computer, phone if applicable, etc.). During the 60 days period, you can apply for other positions within the company. So to be clear, 60 days is not your minimum severance.

Since there’s confusion.

The 60 day current policy (nothing says it cannot be changed) is to keep terminated employees accessible for work, questions about projects, credentials and other items that may be needed.

Most terminated are not asked to participate. Their credentials are reset or others manage without them, often to avoid awkward interactions.

Laid off employees do not work during the 2 months/60 days - likely access will get pulled a few hours after notice. Still considered "employees" for the time period. It would also be the minimum severance only if they don't sign the severance agreement (from my understanding).

Our branch has too many people walking in on a daily basis. Our front desk sometimes can’t take lunch or bathroom breaks. Curious to see how bad this gets.