Not sure if anyone heard the same, but from my view point the writing is on the wall. Frozen consultant HC, weird vibe all around. Did anyone hear anything supporting or implying June date?
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Just in case:
https://www.bakerlp.com/schwab-employee-rights
Schwab is getting rid of people everyday with forced resignations. If there is anybody left by June, then maybe layoffs. Anyways, goal is to not lay off as that does cost. What is happening right now is they are setting people up to fail with PIP, compliance blackmail, etc.
Document any harassment now and find an attorney. There should be some attorneys out there that specializes in Schwab employment lawsuits. Those are the best ones as they know all the ins and outs of Schwab.
Do you seriously want to stay at a company that is constantly laying people off? Whether they lay off in June or not does not matter as presently, they are forcing terminations using blackmail and whatever means possible. Is that the kind of company you want to be with? Today they are inflicting this pain on your coworkers. Tomorrow it will be you. If not June, then August, then September... Whatever will be left of the Schwab crew will not be much so even if you survive the layoffs, is this the kind of company you want to be at? Then when you get older this same sh1t will happen all over again. Seriously. Think.
I don't believe there will be large layoffs (in css at least) after TG. There are projects happening (launching near Q3) where there is a lot of concern about attrition. Scheduled activities are cancelled lately due to call volume. There are still TD people that have retention bonuses tied to staying past TG - their work is drying up so decisions need to be made about keeping or not. I would imagine redundant positions will be eliminated or absorbed where needed. Otherwise, natural attrition, RTO discipline and hiring freeze (a year+) should do the trick, right? People aren't begging to work here at this point- headcount must be down.
Prior performance is Not public available data inside Schwab.
Nor we get information easily .
One project may be going good other may be in the bin.
Question is which contractor (company) have filled BIN.
Well he-l, there were a few targeted layoffs last week even..
There is a massive expedited push to get off everything TDA ASAP after the migration. Read into that get the last green synergies done fast ie: next wave of June layoffs that Walt will tie back to his public statement on final synergies
Lastly on contractors just look at your companies prior performance vs commitments on Schwab major projects.. that will answer your question
Vendor here working for Schwab.
Which Vendor would be targeted for cost cutting.
Please do not tell all of them, but what are specific names?
Who is worst among the worst?
My thought is that they will not (at least yet) go to 5 day RTO, but instead lower the bo-m on those not coming in and from what I hear that is a significant number just in Texas alone. Rick did state this week that they are committed to the current hybrid situation - I know, I know - take it with a grain, but I do think those not going in without approval will get warned/fired first and then there will be another layoff in June post-integration. If they do go to a full 5 day I don't see that logically happening until fall at the earliest (my thought more likely beginning of 2025). Again, just my 2 cents with no insider info - just theory and speculation.
Every day management is looking to terminate for performance for forcing people to resign over stupid little things that are committed by most every day. June will be the month where they will lay off if all the other efforts fail. Really, if you are a target, you are not going to survive. You're just prolonging employment until June doom.
Just work on putting them out of business for good measure as they will be inevitably sticking it to you later. At least you can have a good laugh on your way out the door.
Me thinks it’ll be six days of RTO, and can’t live more than 25 miles from the office (will help stop all the complaining about commutes.
Six?! Eight.
And just live at the office. You can bunk with another employee under your cubicle desk.
Me thinks it’ll be six days of RTO, and can’t live more than 25 miles from the office (will help stop all the complaining about commutes.
Whether we will or won’t shouldn’t matter. Every on me should immediately build their savings, prepare their resume and develop their network. Minimum. Better, start looking.
Letting the clowns run the circus is bad enough. Don’t let them run your household.
Beware the Ides of June
Vendor to Schwab here. Can anyone here tell me how long the Exec Council meetings generally are?
Are they one day, multi day, week, etc?
Thanks in advance.
Fearmonger
June would honestly make the most sense - you’re past April 15th and the final transition, plus given yourself a few weeks of cushion to deal with transition problems. Seems logical.
There is every indication we will continue with small quarterly layoffs. A larger one may happen if they didn’t get enough post bonus attrition or they aren’t seeing opportunities with RTO.
I believe Dennis’ mo--nic (I repeat myself) promotion comment is intended to prune a few more.
My guess is they will announce five day RTO in June or soon after and push a 500-1500 person RIF to Q3 or Q4. Fidelity just had another round and Amazon announced this week; that may inspire the EC to move quicker once they think TG activities are wrapped.
Given TG5 is in May this would make sense. If you recall we hired a huge number of call center reps to handle all the questions during conversion of the TGs. I expect that the volume dies down after a few weeks of a group conversion. So once TG5 is done, the number of reps should reduce to no more than what Schwab + TD had pre-merger. I heard we are running 4k-5k over that number currently.
We will also lose any groups that were completely focused on integration.