The wall st journal article was spot on. It was very well written. I would recommend everyone read it.
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I predict Q2 - post final conversion and layoff #’s will depend on how many left after bonus pay out. Walt denying the bond fiasco “It’s just not true” 🤔🤔🤔
On the winter update, Walt says no broad based layoffs planned for 2024. But hints at additional integration layoffs, redundancies in TDA and Schwab positions during the year.
WSJ’s latest hit piece on Schwab and the impact on employees. $400m is no joke so unfortunately additional layoffs are likely inevitable. https://www.wsj.com/finance/banking/charles-schwab-2024-outlook-stock-2c63db3e?st=uaarf05sfcbyw8d&reflink=article_copyURL_share
Last week, Walt stated $400m in synergies post completion of last td wave this year. My speculation but some of that likely to be in personnel overlap.
Has to be after seeing the numbers Peter was bragging about
Walt and Peter were both vague at the last meeting. Best guess is that they are looking at numbers and projecting who will resign after the bonus. That saves money compared to a February RIF. If they don’t get enough they’ll likely have a small round this quarter.
However, yes, the layoffs will continue. Outsourcing, offshoring and generally lousy working conditions too. Rick will make it worse. But even if that never happened we are spending millions on non-people things and they have to address debt and show the street value. Companies go through cycles and we are in a bad one for the next some odd years.
Are February rumors true?