Blow hards and mismanagement

All of the senior members of this company have lost any little respect I had for them.
Hearing from old friends The process took nobody's previous accomplishments ratings into account. The highest ranked performers cut by robotic management teams reading from a ridiculous prepared script. You hurt some really good people and were really lazy with the process from what I have heard from numerous sources.

This is the firm to go to if you are just looking to sit in a queue for 20 years never go anywhere with your career. Every time I saw young kids come into this firm I cringed and hoped that they would wake up very quickly. This firm is the equivalent of a factory they take young people churn and burn them for the veterans they use them, and before these people realize the 20 Years has passed the firm rarely rewards 99% of people in this company. Salaries are always at the low end and Bettinger is always making excuses, saying they pay market rate and do research on what market rate is must've tired of always having to make excuses when people ask why salaries raises and bonuses are meager.

Meanwhile, Bettinger and his crew taken multi million dollar salaries. a couple years ago pay packages for a senior executive topped $20 million USD. Meanwhile, college graduates and financial professionals received 2 to 3% raises on an annual basis and struggle to make ends meet in this incredibly inflationary environment the recent layoff with a disgrace, many long, serving employees that were incredibly loyal to this company ambushed. Politics was rampant and a top cadre of execs cared little for the employees just giving them regular servings of BS at re planned town halls.

The TD Merger was a disaster. It left little choice for existing clients, reduced competition, severely damaged service levels and hurt shareholders. Existing client service levels are now atrocious and I expect will get worse as a decreasing revenue stream will force the firm to automate more and reduce personalized human interaction. Increased system usage should be a worry as systems crash often and put clients at risk. This company is not one that I would recommend anyone to work for.

Bond positions hurt by HTM securities. Management always touted the coiled spring anticipating a massive boost to revenues as interest rates rose never taking in to account that cash deposits would migrate out of cash which is swept in to Money market or treasuries. top execs should be fired for this mismanagement.

Existing employees will struggle to "OWN THEIR TOMORROW". at this place. Better to put a tape recorder on loop than listen to the nauseating BS from this management team and the minions of robotic managers that work here. If you were layed off I feel for you having to list to all the lies of top management. I left the firm 2 years ago after a 3 year stint. "Schwabbie" is synonymous with "mediocre" . Walt Bettinger wonder if you really see things through clients Eyes or Investors eyes. A collapsing stock price atrocious service levels rampant systems issues and zombie staff.

Walt, you should step down a collapsing stock price over extended computer systems and mismanaged investments. after Monday we definitely know you aren't seeing things through employees eyes. If you were you would most likely only see despair.

These thoughts are only my opinions......

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I understand the anger, but good grief. The time it took to type that post is time better spent on networking or refining resume or game plan for what’s next. You’re drinking all the poison, expecting Schwab to die. Hope you get thru this and take ownership of what’s next. No one here is gunna do it for you.

Been with Schwab (as a client) for about 25 years. Also own some stock in the company...So I follow it more closely than other clients. They are closing down the local Schwab and I will have to drive an hour to get something done in person. The in person is usually something like every other year, but it was handy. Have accounts at Schwab and Fidelity...Six of one, half a dozen of another. The float (sweep) makes them money. But, I have wised up and get a CD or Treasury quickly (like others). The clients are not stupid.

This OP is making up facts. Many factors were included and reviewed. People impacted were provided benefits. Put your negative energy into building yourself up, and move on.

Look to game shows like Survivor or Weakest Link...the smart ones get voted out near the beginning and the dummies make it to the end. Every season it is the same thing. I see no difference.

@tnc+1ppiKGBp TDA was better in every way.

Most prescient line from the OP “ I left the firm 2 years ago after a 3 year stint.”

That’s some kinda grudge. Move on.

This post should have started accordingly: “It was the best of times. It was the worst of times.” Yada yada yada.

Curious. What firms are stellar in your opinion? What makes them so?

Yes, past Schwab was better, but not really. US Trust, Cyber, Compliance… no merger was a success and most were operated as distant siblings. Green was a relative success with huge cost. We will spend years fixing. And it isn’t helped by inane managers. We’ve been “going to the cloud” for years. When is STS going to deliver? Not only was data center capacity doubled, but now we are looking at AI that demands more and delivers little. Can we even spell AI? And what happened to the VR golf game app that was being discussed with retail? And why were they discussing a VR golf game app?

I agree we are moving in the wrong direction. And Rick isn’t going to be a positive. I just am not sure anyone else is really better.

A lot of thoughts but pure emotion. Recent college grads aren’t going to be rewarded by large corporations like Schwab. That’s the nature of becoming a public company - you answer to the board, the shareholders. People who identify as a Schwab employee are doing themselves undue harm.

Thread regarding Charles Schwab Corp. layoffs

Blow hards and mismanagement

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