https://www.msn.com/en-us/money/companies/charles-schwab-just-survived-a-year-from-he-l-the-trouble-isn-t-over-yet/ar-BB1h44XH
8 replies (most recent on top)
That and they laid off most of the people working on innovation teams
“Now that we’re past the vast, vast majority of that, I think there will be more time, energy and resources we can devote to innovation, to growing the business.”
Innovation?! We've been on an MLO budget for a long time with new projects on hold. Everyone is completely resistant to innovation here.
Company spokeswoman said, “Companies as large as ours will always have a vocal minority.”
This is a perfect example of Schwab’s gaslighting, as usual.
WOW - this is a great article - did someone on the inside feed her all this information.
Walt and Rick are clueless as well as the Treasurer and ALM folks - basically their BUSINESS MODEL failed them - don't think you can change up your business model that rapidly.
Maybe they need to clean house from above to right the ship! OR are they looking for a buyout????
“Yield-hungry customers moved money into options like money-market funds. Since early 2022, Schwab has lost some $175 billion in bank deposits, or nearly 40% of what it held at its peak.“
$175 BILLION
Love how they claim the morale issue is due to a “vocal minority”. Sure…
Don't send them a tape of the town hall. Probably shave $10-$12 / a share off the stock price to see the lack of leadership here.
We all owe Ganzlin an apology.
Amazing article