i'd say acquired. maybe. not sure.
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Former Schwabbie here. I was with the company for more than six years and left in early 2023. I used to tell people I loved working for Schwab and recommended it as a good place to work. I stopped saying that around six months ago.
Walt and Rick will be gone. Either leaving on their own, or pushed out the door. Half of the EC will be gone too. The lack of turnover at the highest levels over such a long period of time is really surprising.
The interest rate fiasco really surprised me. How does a company full of financial advisors mess up so poorly on interest rate risk? I would expect better decision making from executives of a company that provide financial guidance to its clients. I remember in my basic finance class in college they teach about laddering to reduce interest rate risk. I'm an IT nerd and still remember that from more than 20 years ago.
To those still at the company, I feel really badly for you. I'm still in touch with some current employees and hear how bad it is there. If you are at the slightest bit of risk of getting laid off, I would strongly suggest getting your job search going. This job market is different than others. I used to get recruiters reaching out all the time for direct hire roles and turning down interview requests. This time around it took me five months to find a new gig.
Sell off the banks and go back to just being a brokerage - banks carry all the regulator bs and liquidity risk
I see myself retired, lying on a beach somewhere, grateful that Schwab got rid of me 5 years ago, and not really giving a sh--e about what happens to them.
Still waiting for this layoff
@ubm+1p8TOwED Then somebody tell him that it is no white whale but a white elephant.
ToS is expensive to run? Check how much your mainframe cost...
Please spin out TOS.
@dqv+1p8TOwED Gorman has called Schwab his "white whale" - they acquired e-trade for its platforms/tech & they want the Schwab clients. Schwab though is currently too expensive, but if it starts to tank I'm betting it's MS that would swoop in.
By whom, approved by what regulators and why?
TDA was assets and ToS. Ok. Assets didn’t print money as the EC told everyone it would. And ToS is expensive to run while contradicting the fee based account management, ETF index and consulting messages.
How much more concentrated risk makes sense? Where’s the opportunity?
Spin outs might make more sense than another disruptive acquisition.
Five years? Still listening to praise for a successful merger while waiting for layoffs and small bonuses.
New d-mbest take just dropped
agree with @dqv 100%
I would be shocked if we're acquired in 5 Years, unless we're going bankrupt or have a First Republic/Silicon Valley situation.
Who would be the buyer?
Goldman Sachs exited the Consumer Brokerage Business.
Morgan Stanley bought eTrade.
B of A has Merrill.
It pretty much leaves just JP Morgan Chase, Fidelity, and credit card company with banking plans (American Express, Capital One) as potential suitors.
I just don't see that being the future.