Why do you think it’s over?
The language in the email makes it seam like more is coming.
11 replies (most recent on top)
There’s no possible way they’re going to cut 7000 people… that’s over 17% of our entire workforce. The 2000 or so today was exactly 5% which is what they have been saying. Most if not all of Q1 will be eliminating anyone that’s still legacy green with CD1 being the official end to that organization.
RIAbiz sources everything from social media posts and makes up inside sources. They've done it for years. Gotta keep those page views up. I wouldn't take anything on that page not verified by this site as anything close to factual. Read some of their other articles for a good laugh on the industry. I swear it's written by a cr-ppy python scraper and chatGPT.
The primary source for RIABiz is this message board…
https://riabiz.com/a/2023/10/30/with-the-swiftness-of-a-lightning-strike-charles-schwab-corp-fires-as-many-as-2000-employees-with-no-public-announcement-affecting-legacy-schwab-as-well-as-td-ameritrade-staffers
4,000-7,000 employee layoffs by Q1
Q1 2024. It’s not done. Multiple reliable sources have confirmed. Just relax and enjoy your families. I have so much empathy for everyone. Today was really hard.
They have publicly stated that there could be layoffs into 2024. And I suspect that is likely based on performance in the new org structure we are headed into it. Lets face it not everyone is going to like or fit into the future Schwab. The next round is probably for them.
I also suspect there will be more departures after the re-org is complete from people we elect to leave on there own. Some people will be put into positions or under new leaders they just don't like.
Both of these will bring head count down lower and I'm sure they have accounted for this.
*seem
There could be performance linked after appraisals . That is confirmed .
Over for this year. A Merry Christmas to you from the executive council, and thank you grunts for the fat Christmas bonus the boss will be getting. Noses to the wheels grunts…
The email made it sound like it’s over. Not sure what you’re referring to.
Q1. Likely a similar number to be impacted, but with a different process.