First layoffs in 2001 occurred right after tax season… happened on a Monday .. rotated from one center to the next .. not sure how the this one will be rolled out.. probably why they did not want people back in buildings as planned
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Why would they destroy morale like before TG3 is successful? The most likely explanation has to be sheer and utter stupidity.
Yep. I was around in 2019. It was fairly fast and I think most people knew if they were getting laid off. The way that this has been handled is so bizarre and unsettling.
Just in time for the Quarter Quell!
You guys are so negative. The morale has never been higher:
https://www.youtube.com/watch?v=rQEgjWWjed4&pp=ygUVTm9ydGgga29yZWEgc29uZyBraW0g
And our stock price lost most of the gains from the announcement of $500M in cuts. Is this winning??
@eer+1oaPEeiV So ironically, the better job you do with the integration, the more likely you’ll get the boot!
It’ll get lower:
- The bulk of layoffs haven’t even begun.
- No one gets their full bonus. Merit increases and promotions are doubtful.
- Come January, sitting in an 4x4 box, everything will really set in.
- “Do more with less” will be the internal motto
Ironically, this is creating the opposite incentive. I was about to put in my notice in June, and then learned about layoffs. Now I am waiting to see if I can get a severance package.
When is CD1 ?
It is more to do with quarterly results.
Through the clients eyes=dollars.
It is businesses. They will for sure wait until after CD1 and look at the integration stability. Once they are good with CD1, they will lay off people.
i do not understand why they would want to tank morale months in advance, and right before TG. if they were hoping people would quit, i have not seen anyone do this. people are just anxious and miserable.
In 2019 they didn’t announce layoffs until AFTER the Wall Street Journal published an article one evening. The following day Schwab did damage control and sent us an email notifying us of layoffs. The layoffs happened the following week. I’ve NEVER seen anything like this in my 13 years at Schwab. They are intentionally doing this so we leave, I see no other explanation.
@aci+1oaPEeiV They didn’t drag out for this long in 2019.
Personally my morale increases with the free ice cream and cookies Schwab provides. I cannot wait to hear the ice cream truck out front.
In the past there was always transparency. Things however changed under Walt. Now everything is done in secret.
for those who have been at schwab for a long time, were previous layoff announcements made months in advance like this one? or weeks or days or no advance warning at all? just curious
The thing that baffles me is that this was INTENTIONALLY done. The way they communicated things, the flip flopping, creating uncertainty/anxiety for months… they wanted to destroy morale. There’s no other way to look at it. Right before the biggest conversion in history. My guess is Walt’s on the way out after conversion and whoever takes his spot will come in with a “it’s a new day” propaganda spiel. But I think what they’ve done to employees the past several weeks will haunt them for quite a while. It truly is a shame what this place has become.
Oh it'll go lower. When layoffs actually begin and people leave or see their friends leave.
In my entire 13 years at Schwab I have never felt less motivated than I do now, my team is so severely overworked and morale is the lowest I’ve ever seen it. I dread every single day. My only focus at this point is getting out which is exactly what EC was hoping for with their actions. Great job EC!!
Based on Glint if you fire the rest of the TD peeps it’s fixed pretty quickly in the branch.
Can it get any worse than this? I highly doubt it.