Thread regarding Charles Schwab Corp. layoffs

Read the other thread where it was noted that RICK said all modernizetion will cease in 2023. Not sure if that is true but if a leader speaks those words he is worthless. Either keep up or get lost in the dust - and then if they are seeking employees to STEP up as an opportunity - may be a sign you will be the last one on the life boat!

I know Schwab is looking to make changes. I am convinced Schwab is trying to combine APS and advisor services into one department. From what I can tell, that was the structure at TD Ameritrade. There are a few problems with this. TD had better technology and consistent procedures throughout departments. With better technology and cohesiveness, TD was better positioned to have these two roles combined into one. Schwab is not. Schwab is reluctant to invest in technology and make improvements.

If they ever "Highly Advise" you do something beware - they are looking to make changes somewhere - it usually in the interest of the company and not you!

I took one of those “this is a great opportunity to step up” opportunities. My department tripled in size just for the transition. One of the managers in my department who used to be my team lead strongly advised I do it. Currently cross training for Advisor Services. I got a $50 Amazon gift card and can work fully remote till April. That’s it. Advisor Services is a lot more work and stress. The reason I took this opportunity is I believe my department is about to be significantly cut in the new year. I don’t have much work experience so I have little hope getting a job elsewhere. I have a job till April (if I don’t sc--w up), but I don’t know what happens next.

MD is DS named … A. Ehrlich is a Bumt with a capital C, period.

This is 100% the Schwab I know. smh

This reminds me of the movie Police Academy. Where they ask someone to step up and everyone in the line takes one step back except for one person who stands still!!! Lol!

this reminds me of the beginning of the movie Margin Call, the scene with the pep talk after the layoffs :) you are survivors, this is your opportunity yada yada.

People who are at Schwab are basically third class leaders who won't get a job elsewhere. Most Managers and Directors and VPs and SVPs if you look at their linkedin profile and see where they went to college you'd be terrified. 99% of them are third-class players in the enterprise and that reflects everywhere in work, communication, stock price etc. If you meet any of these folks in person within 10 minutes you will realize what a waste of time it is even to interact with them.

Of course they want you to step up and see it as an OPPORTUNITY because they got rid of others - so they want you to do more. Don't expect them to pay you much more - step up the looking for another job

Rinse, lather, repeat.

We do this after every rif. And the answer is always the same.

Do more, we are listening, we value your feedback.

How many top performers were shown the door? How small will bonuses be? How much more will we spend for rto in time and money after successfully executing a merger while wfh?

The CIO questioned anyone being here after five years when he started. He’s been here more than that and is still here. But he was likely right the first time.

We have money for real estate and new hires. We don’t for salary, bonus or respect.