Somewhere near the beginning of March some layoffs happened under the radar. Some of you have mentioned this. Can anyone confidently tell me how many and in what areas?
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Lots were cut. Very capable people too. They will come back and stick it to Schwab. Can't wait to see Schwab fail.
What a terrible way to run a business. Can't imagine Schwab surviving much longer. A lot of resignations are forced terminations (more like blackmailing them to resign or else have a tarnished record on file) so they can just tell their customers / employees that so-and-so resigned vs. saying they were let go over petty cr-p. Of course people can see right through that. The management is very mean and spiteful. Hard to imagine they can even look at themselves in the mirror and be able to live with what they have done.
Is there more cut expected for team mentioned below, some my close friends work in this teams ?
They work on Legacy side (mainframe, .net, etc)
Following are teams where they are involved.
- CAM
- Tools Support
- O2
- CAM
- CAT
I Know name of team have been changed officially, for safety reason I am not taking real name.
If some can give head's up what is coming in next 2-3 month that would be great.
There is lot of feeling of uncertainty is going on
@tiv+1rU6r6zE
This is what happens when lay off happens under radar
example
This is on Radar
- Government Need to inform
- if Layoff happen 6% in one go
- if (a) happens then everyone knows
Under The Radar
- Government Need NOT need to be inform
- 0.5% of employee are chop-chop around the project
- New intern or New contractor are hired for some time
- if (b) is good and cost less fine other wise execute (a)
A good friend of mine works on the Investor Services side of Schwab in a client facing wealth management role.
He mentioned a couple weeks ago that several of his peers and up to the Director level were let go. It was communicated to him as a result of the TDA acquisition and trimming where there was duplication.
It happens regularly here. And they were announced to the street a few years ago.
Think about the big layoffs. How long has it take for you to learn that Sally isn’t with the company anymore? And you won’t if you didn’t have a regular meeting with her or project overlap.
I don’t know when this practice of not identifying staff changes happened, but it is really frustrating and disrespectful. Schwab;s done it forever. Now it seems industry wide.
Unclear how you lay off under the radar…. People talk….
If true it’s another quarterly cut. The best way to monitor is to pull the white pages weekly. Look up Walt or someone at a high level and record the number. It’s not perfect because of new hires and resignations, but anything over 100 is likely indicative.