Thread regarding Charles Schwab Corp. layoffs

To those who remain in what was once (over 15 years ago) a good company

I was once a Schwabby. I bled blue. I remember Chuck visiting us on the front lines. It was a time when Schwab was committed to its clients and its employees equally.

It started to radically change over a decade ago. Loyalty to the employee began to wane and then went on a steep decline as people at Regional Exec level and SVP were brought in from places like Morgan and ML. Worshippers of Jack Welch. I had one of them personally tell me one of his best managers at a prior firm actively cultivated a culture of fear. How is that "good". Well he is still with Schwab as are others.

Make no mistake, Schwab still has loyalty to two groups but it is no longer any of its employees. They are loyal to clients and shareholders. Staff is now fodder to hire and fire for the benefit of those two.

Offer no loyalty as they are not offering it to you. Expect random layoffs and terminations on trumped up "facts". I watched it happen and its why i left so long ago.

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| 2161 views | | 2 replies (last November 2, 2023) | Reply
Post ID: @OP+1pnsnF3H

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I too had been at schwab a long time and had observed the changes over time. I never really bled blue, though, as i was always able to see clear through the "schwab nice" facaud. I rolled with the things and did my best to help right the ship as best i could, all while watching the level of competency and quality of decisioning decay. No surprises in the end. The outcome was inevitable.

You can look to game shows like survivor or weakest link to see how it will likely all play out. Spoiler alert: it's the dummies that make it to the end. Smart people get voted off the island earlier on in the game as the dummies collude out of fear.

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Post ID: @1gwl+1pnsnF3H

Agree. I am a 60PL left with more work and knives are out with whomever is left. The org change already has MDs positioning and treating their new people like cr-p. It’s an awful place to work. MD should have been 50% reduced imo

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Post ID: @jnz+1pnsnF3H

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