Well, it’s a bottom line kind of place unless you’re in the dumpster fire of passive aggressive he-l fire that is Walt’s beloved RPS. He’s dumping all sorts of cash into a biz run by the same blind id--ts that have been there forever and haven’t been capable of fixing it. Ask around about the truth behind the real financials of RPS. Might as well toss that $$ in a trash can & light it on fire. Ask someone in finance, not RPS. They have no idea it’s a sinking ship. Everyone else? Pony up the results & do 2+ jobs…so Walt can keep st-----g his dying, irrelevant $hit can of a legacy he sold to Schwab decades ago at the expense of the profitable parts of the business. Do the analysts know about that? Do ppl who own or buy the stock? Wake up, Wall Street. How many “great Schwabbies and long time colleagues” were “reluctantly impacted” instead of slashing the worthless boondoggle of RPS which actually gave rise to the term “bloated organization”?
So many smart people here, but being smart at Schwab also means being a coward to save your own a-s. If you have a sick kid or something, fine. Put your head down & get paid. The rest who know better and do nothing? You’re just as guilty of pulling the trigger on the ppl who were laid off in October as their managers are. Eventually you’ll get what’s coming to you.
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Coudlnt agree more. VISA and Level3 leadership people have been a disaster. Look how Level3 turned out. a sh#$%show. This is who runs our I*O and this is why we are where we are today. Look at the leaders these MDs employ. I hope other parts of this business are better than this toxic waste dump. All I have seen is layoffs due to favoritism, travel abusers who paid a lot of hotel bars a lot of money and a loss of what this company stands for. Yes i like change. No i do not think that means you erase the pass and treat my coworkers and friends like cr-p. i am more angry than i am sad
I personally think when you bring two rival companies together, Schwab and TDA were, it is a breeding ground of toxicity. TDA separately was great, it was one of my favorite companies that I worked for. But when I moved over (prior to LD1) to Schwab at first it was cool, but I think the pre-existing animosity and friction between the two firms really changed things. I even talked to a guy that had been there for 8 years, and he left early in 2023 because he was tired of the bad blood and bad management that was still around. I have been a part of a comparable situation with an acquisition between two larger companies, and it just doesn’t go well.
Schwab has gone through many phases. BoA was bad. Dave Pottruck was terrible. Chuck supporting Trump and hiding it was unfortunate.
But bringing in Visa, bullies, and incompetents was the death knell. Culture changed very quickly. Executives publicly fought. Major efforts failed.
The TD acquisition and CD1 were net positives comparatively. We could not fail and we did ok. The culture was still toxic.
Then came the interest rate failure and RTO, which was handled in the worst way possible. Years of crowing we’d have more money than god was shown to be wrong and Walt destroyed any trust with a multi-month plan voiced weeks after telling us WFH was working.
A lot of us will leave next year. It’s unfortunate.
Agree with everything else written. Been here well over a decade.
Schwab always had a lot of d-mb things about it, and for all of the hooplah about being a challenger or whatever, that was never really true. But, for the right mindset, these were really quirks rather than fatal flaws. Things started to change around 2017 or so, and then went to lightspeed right after the TDA deal was announced an pandemic. Now, it's evident leadership is at best clueless, at worst malicious.
I have been here for over 10 years. The people that were brought in for I&O are unbelievable. Exceptions notwithstanding, the levels of deceit, no-compassion, no-empathy and smarter-than-you-so-shush are taking the meter to the top. Where do I start. And I am not talking bout just the Mds. I am embarassed about the Directors in my organization
No.
Things were never perfect but they were tolerable with ups and downs over the years.
This year it has gone from bad to worse to to completely toxic.
With a merger - everyone feels their position is threatened. Management did nothing to stop this with the TD/Schwab merger. It took way too long to complete and then when it is almost over they throw everyone to the wolves - no need for culture when you operate like this
I personally think when you bring two rival companies together, Schwab and TDA were, it is a breeding ground of toxicity. TDA separately was great, it was one of my favorite companies that I worked for. But when I moved over (prior to LD1) to Schwab at first it was cool, but I think the pre-existing animosity and friction between the two firms really changed things. I even talked to a guy that had been there for 8 years, and he left early in 2023 because he was tired of the bad blood and bad management that was still around. I have been a part of a comparable situation with an acquisition between two larger companies, and it just doesn’t go well.
@uaq+1q9EOhpe - you hit it on the head 100% - I've been here since 2008 and the first few years was fantastic, but then gradual decline to where we are today - multiple layoffs/year (rare if any between 2008 - about 2018ish), no professional development in terms of credentials/education (even though touted as a benefit whereas now only MDs get that benefit as well as expensive off-sites) - found out only MDs will be able to attend industry conferences going forward - lovely. Absolute BS messaging from senior leadership, RTO touted as some weird falsehood of "flexible hybrid" when it is the same policy that was in place pre-pandemic (over 90 days of WFH need an agreement), Rick/Walt now only doing Town Halls for "people leaders" and you get literal eye rolling and snorts when you ask about things like career development, etc. And then you have the BS corporate tag lines like "win-win monetization" - WTH is that? Sounds like a last-minute 1985 business school presentation - beyond embarrassing. SMDH. We are treated like a bunch of mo--nic, entitled, spoiled brats rather than financial professionals who can see through the BS, are interested in personal and professional development, and would like to move the 1950s attitudes into a 2024 mindset. Innovation used to be awarded/rewarded and now? Eye rolls and snorts.
Can’t comment on 90s/early 2000s but Schwab was pretty chill pre-pandemic. Everything started going down hill afterward, but accelerated to light speed in 2023 with the trifecta of RTO, office closures, and a layoff choreographed months in advance. Before at least management pretended to care. Nowadays they don’t even bother with virtue signaling.
Schwab used to be fun in a cultish kind of way. It's been a gradual downhill slide since Walt became the CEO. Hard to blame it all on him though. After the Great Recession the culture really changed. A lot of mid-tier management was brought in from other companies which pretty much ended Schwab as it was. The last dagger was the TDA acquisition. After that Schwab has just become a bottom line company in every aspect. They now have to constantly justify to the street that buying TDA was the right thing. They also have to answer to TD Bank which has a very large stake in the company through their stock holdings.
absolutely not! it became toxic quicky in 2023
I'm asking as somebody who is relatively new and shocked at all the toxicity.