My team has an open position after someone quit and MD says will not be filled due to upcoming layoffs. Anyone else hear anything about this? Just bought a home so this is concerning.
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Regardless of layoffs, Schwabs hiring freeze pretty much ki-ls any backfilling except absolutely essential.
There will be layoffs. Period.
- Some from transition overhead as we staffed for lots of calls and work
- Cuts already announced for Q1. These will be smaller than October, but still some beyond just transition.
- Continuation of the quarterly cuts of a few hundred each time. Management deferred on saying we were continuing with that pattern when asked in a public call.
- Cuts when Rick takes over. These will be significant as he’s a cost cutting CEO. Read his CV.
Net it will likely remain less than 10%, but if we are halting modernization and looking to spin off the bank it could exceed that.
All the above is public.
Privately, your manager appears privy to specifics for your group.
It is unfortunate that personal finances are so tight and needs so many; that companies expect loyalty and offer none is disquieting.
Only things I've heard officially was that there will be further layoffs associated with the final condensing of TDA in '24. Walt said the hope is to not have to have wide scale layoffs but believe what you wish. My thought is they will use this upcoming review period to eliminate more people. They will hand out sub par performance reviews that will allow some to be fired and set others up for another round of layoffs based on performance.