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.
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
why TOOLS , CAT and O2 Need any onsite presence ?
What Vendor can do
What is Advantage
Note :-
especially Get rid of manager from vendor, who are presented as tech personal, they are useless chameleon 0 Tech 100 mouth babbling .
Yes, useless people who are in project for more then 5 years need to targeted.
Moved out Schwab recently joined company which is facing same issue as O2 and CAT
Current Vendor Dependency :
Proposed Solution , which is showing result:
Hope it help Schwab to embraces new advancement in tech .
We should start including competing vendor in O2 both Mainframe and New version
Forced terminations to avoid severance and potential filing of unemployment. If that fails, then probably layoffs. At this point, hang in there to be laid off at best. But be prepared to pack up and go regardless. They have an army of HR just waiting to give you the shaft.
They will get rid of you not because you guys are not useful but because Schwab is a failing business with a terrible business model and desperate to relieve payroll. They will probably set up the technology to make it hard for compliance and then make you feel useless and force you to resign. It's a desperate act but Schwab is very capable of it. Just ask other employees.
After reading all the comments in this topic, Schwab should do following thing to cut cost
B.3) this will help cutting the cost of operaiton.
B.4) choose Phalodi city as there base location in India
B.3) Juniors will have information so they can work cheaply.
I have got chance to interact with some of this team.
In team they have " software architect " from service side.
and They are NO More then glorified Jr. software associate not even Engineer .
MF = Mainframe.
Too often parental in--------e is applicable for some.
O2 and CAT need more competing, Vendors.
O2 especially need it
and move /remove any person working more then 7 years from vendor side.
That would make this 2 team more efficient.
@1xbm+1rWoUipa
Is O2 and CAT is going to dissolved?
who are getting impacted?
dissolving I mean not changing name , but truly shutting the plug of this team?
O2 and CAT are unique project.
as former schwabee, now a chasey , I have got chance to interact with them.
They have this quality which most employee do not have
What does MF means anyway?
The first word which came to mind was NOT so nice.
do company have such team
No insider information. Everyone knows Schwab is working on getting rid of every single one of you. All public knowledge. Don't even worry about turning off the lights on the way out.
They were being sarcastic.
Lock in sense?
What is that?
do you use car which is 40 year old ?
Simple if car can change so does technology, which make it cost efective.
The older the tech in fintech , they are more risk of getting cyber intrusion .
and donot forget incurring cost for maintaining such "BUGGY EXPRESS"
Yes, the MF team has slow walked most efforts to migrate. But there are places where ancient code and vendor lock in make sense.
Seriously, fin companies that are 100% cloud use MF still. It isn’t going away anymore than we will run everything in the cloud.
@1vlp+1rWoUipa ,
seems O2 had bribed the report creator ?
Since they have bribed the messenger they won corporate award.
:)
@1nvf+1rWoUipa
Oh, he has said in DaRT meetings that O2 doesn't cause any problems and everything is actually the fault of the teams reporting problems to them. They then won a corporate award for offering the most stable services in all of DaRT. I know there is probably a lot of bullsh-t that gets reported. I've experienced it plenty but I have seen some genuine stability problems with O2.
How am I supposed to take this company serious?
@1tfs+1rWoUipa,
That's reason we had modernization program right?.
To end dependency on MF.
if still we have to depend on MF teams that means modernization failed , even if we have to outsource we should , take task not to outsource team which were involved in migration.
Because they are(MF team) reason for failure .
MF team have vested interested in failure to save there GIG.
For those wondering, O2 is not oxygen, and CAT is not a feline. Offer Order and Customr Account Tech.
The MD over the CAT and O2 teams is a real "see you next tuesday" classic narcissist, cut any throat to save themselves for sure. Reworking my resume now, hoping to get laid off. I eff'ing hate it here!!
There's a credible rumor that they are looking to outsource MF operations. How far up the stack is in question, but it is very hard to find and retain legacy skillsets.
I am contractor , working for one of team in above list.
Yes, I work for service company.
Yes, I have been in project for bit long (quite long).
I have seen some really good folks let go last time.
My Tech stack in mainframe, what are my odds to get hit in coming days.?
Schwab was quite stable on MF side, but now things have changed seems.
Bigger than the October layoff
Not sure but there should be mass layoffs for STS in HR. And they should start with the Director. He’s a worthless shmuck
@sww+1rWoUipa Thanks
All indications are small quarterly layoffs accompanied by a possible larger one later this year. That will depend on successful transition, how many can be shown the door with unwarranted bad reviews or RTO enforcement, and general attrition. The latter is slower than normal due to the market. It should improve with interest rate cuts late this year.
Anyone who really knows is unlikely to share. However, PLs have been maintaining lists in the assumption that we will have one post TG.
Best to not worry about another round of layoffs. Assume that you will be part of one. That means save money now, have a solid resume ready and build your network. AI positions are most popular and high paying. And since few know what AI is you can start developing experience that aligns well.
By assuming that you will be let go, you put yourself in control. Every day you can choose to leave or know that the loss of income isn't a problem. That's power.
Where have you been? Big TG in May, restacking after which probably means another round of big cutsl