Schwab lays off talented people with loads of experience and then when they need to fill that position, they have to hire two people to replace that one. I've seen this happen at least twice, and I'm sure it's happened many more times. There's no logic to it. At least none that I can see. But it's the Schwab way, I guess.
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again.. its not a family, its a company run by shareholders. Stop the mgmt from trying to sell it otherwise. I know a lot of talented people let go and others of low quality and higher salaries retained. The SVPs are sycophants and their directs are like obedient doggies. There are far better companies out there folks
This OP implies people still at Schwab aren’t high talent, which is inaccurate. Most that remained outranked in some perception to ones deemed not required moving forward to better organize.
Let go? Move on, best to focus your skills someplace else now. Or come back if you really want to.
You must be talking offshore… still cheap enough for trial and error, if they’re that bad, swap them out.
It’s not the way Mr. Schwab would have run things. He cared about the employees as he knew it was the way to make clients feel cared about. His name is on this company. Walt is greedy and ego driven. There was no reason to buy tda. No reason to buy cr-ppy bonds. His temper got the best of his ego and gave us rto , and layoffs . What can I say, we did need some directors and managers to go. Can’t even notice the difference there. Walt needs to just retire, and someone needs to tell Rick, don’t look back, don’t do what Walt did or none of us will have jobs. This company is a great company with bad leadership. Rick is severely lacking in so many ways. Get the board to eliminate both of them, and hire someone that wants this company to begreat again .and not just a money grab, inflated salaries and bonuses to match their inflated egos. We will rise like the phoenix,but those two HAVE to go now!! No other employee doing that much damage would still be employed,much less 24 mil Sal and bonus
This thing has been beaten to death many times before, always coming full circle to the same conclusion: Schwab has become a really d-mb company run by not so bright people who should know better but don't. The benefits of shear scale works to pay for all those value destroying decisions continuing to be made every day and the salaries of those making those decisions. It's all basically government work now.
... Oh how far we have fallen. The shame of it all. The shame!
Makes sense if you look through Schwab’s (EC) Eyes. Who is responsible for the poor decision of buying TDA? Buying long term treasuries when interest rates are going up? Laying off thousands of talented employees because they can’t mange expenses and the RTO debacle with long lasting effects of desk sharing and reduced employee morale.
We’ll doesn’t that provide gainful employment for TWO people instead of just one then? Win-win
May be those 2 people are less experience, less expensive or even offshore who are dispensable , on one call, because there are many who can backfill onshore and offshore.
Wait you're actually able to hire people? We lose people and aren't allowed to backfill. And no we're not overstaffed.