Thread regarding Charles Schwab Corp. layoffs

Schwab building offshore campus to reduce contractor + employee costs

In case you weren't aware -- in typical Schwab fashion of being 10 years behind everyone else, we're in the process of building out an offshore campus to reduce costs.

This will be heralded as a cost savings / quality increase measure vs offshore contractors (Dennis's messaging is already leading folks this way) and, of course, will inevitably lead to onshore staff reductions as well.

As a reminder, keep those resumes updated and if an opportunity comes along that enables you to leave this he-l hole, you may want to seriously consider it. Schwab will not hesitate to cut whoever/whenever they want just to pinch a penny and your contributions do not matter to them at all.

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| 1641 views | | 7 replies (last February 28, 2024) | Reply
Post ID: @OP+1rgnIVmg

7 replies (most recent on top)

Feels like we go in cycles. I recall the whole repatriation effort around 2018 when jobs were being pulled back onshore.

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Post ID: @2bkx+1rgnIVmg

Newsflash: once again Schwab missed the boat. Firms that have been offshoring for 15 years are seeing the cost of labor advantage shrink to the point of bringing work back onshore. Additionally, many in emerging markets also want wfh flexibility. Those EC relics need to read more.

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Post ID: @1bah+1rgnIVmg

Offshore ethics is a major concern. Just look at the nsd if you need examples. They are horrible

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Post ID: @bos+1rgnIVmg

Classic Quantity over Quality

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Post ID: @bjs+1rgnIVmg

Why would we build? Did real estate miss the lease cash flow tax benefits lesson in business school?

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Post ID: @buk+1rgnIVmg

Cow dung! That is crazy!

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Post ID: @nnn+1rgnIVmg

No surprise if this actually true. Only question is where. Pay people $5-$10 in a location where no one will argue about going into the office. You can pretty much wipe out unlicensed roles (or they will be backfilled with offshore counterparts).

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Post ID: @pyy+1rgnIVmg

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