I've heard from an SVP (MD A2) that they did sign NDAs so this is confirmed. The SVP also added that all decisions on who is being let go have been made. The "hard part of their job" is done. They have the new org charts. Now they have to wait for the communications to go to each person. I couldn't get an exact date from the SVP but it sounded like end of September from the way they described next steps. This is in STS.
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@1djz+1okd5RgZ For you it might be before 17th then..
My guess is after this next transition group is done, 5th/6th, but the change freeze will still be in affect till the 9th. So maybe they take the opportunity to do layoffs while change freeze? Also what is funny, is I will be out of the office on Sept 18th. So if they do it then, I won't be able to answer my phone.
@tie+1okd5RgZ, I have seen an exceptional number of people in India on tech support doing an amazing work and also they are literally running most of the STS at ground level. Respect to everyone including Chris and Steve who do an amazing work on a daily basis.
To the guy who thinks technology doesn’t make money , well good luck with your thought process . Without technology you can do the old way and your competitors run you down . Seriously no one at top is that fool to waste a billion dollar on something of no value . Understand the value of team .
@ipx+1okd5RgZ
We also get a lot of hostility from the "Business" part or Schwab. Please remember we all work together as a team. Schwab is a Broker-Dealer and a Bank, not a technology company so naturally STS will be treated as expenses.
It’s going to be fantastic when all of the mission critical systems used- have their prod support and development support sent to India. Good luck with the NSD, you’ll be dealing with someone in India who came from a background in google play gift card scamming compared to Chris and Steve in Westlake
STS is the technology part of Schwab. The guys who act like they make us money and most do not even know how we generate revenue.
What is STS?
No decisions are made! Please don’t panic over speculations. For next 3 weeks, no one will be laid off. CD1 is going to be a mess and all are busy keeping the lights on.
If decisions made and new org charts done, what additional steps need to happen over a full month if end of September? Yes, can see after LD, but end of September??
No decisions have been made yet at STS and none of the MDs know the details yet in STS.
I decisions have been made yet at STS and none of the MDs know the details yet in STS.
@wve+1okd5RgZ in my humble opinion the hardest part will be for our teammates who will be stuck at CS with picking up all that additional work. To make it easier on them, for the past few months I have been very transparent with them about all I do, documentation in Confluence, scripts, queries etc... just in case :)
@nvt+1okd5RgZ
Not to get your hopes down, but.... I doubt they would send out invites this early. Bet is still on for 9/18 or a little bit later. These type of meetings will show up a day in advance at most, if not on the day itself.
For others that worry about this, I wouldn't worry too much about "mysterious meetings" at this point.
When will Directors and other PLs find out? level 60, 59 etc
@nvt+1okd5RgZ which level are you in sts?
A mysterious meeting popped up on my calendar for 9/13 from my MD.Maybe I've hit the lottery!
Thank you OP for providing some transparency on behalf of EC !This does help so much!
Speaking as a people leader, the hardest part by far would be telling the employees that they are being let go.