Thread regarding Charles Schwab Corp. layoffs

This company is not a great place to work for. It’s completely toxic. Before i left for greener pastures i was on the phones. It was constant back to back phone calls everyday because they sc--wed up with the merger. You’re basically a robot from the time you start until the time you leave. When you finish one phone call you’re expected to immediately go handle another. If you deviate from your schedule by a few minutes some babysitter who thinks they’re awesome will give you a stern warning on how it’s important to be punctual. It’s a complete joke and i feel so sorry for the people who are still there.

What does your offer letter say? If you were hired as a telecommuter, then your letter should indicate that you are full time remote and you shouldn't have to get approval.

Unfortunately there's a clause that work conditions and other may change at any time for any reason. Only executives have dedicated employment contracts. They don't exist for non-officers.

What does your offer letter say? If you were hired as a telecommuter, then your letter should indicate that you are full time remote and you shouldn't have to get approval.

Schwab is just a temp agency posing as an investment firm.

Why would you apply for the WFH exception if you were hired as a telecommuter? It plainly says on the HR website to not apply for the exception if you fall under this umbrella

As an employee for a number of years I can tell you this environment is the worst I have ever seen it. I do agree that Schwab just wants people to quit to avoid having a massive layoff and hurting the stock price. I fully expect things to get worse.

For anyone confused. They want

• to reduce headcount by thousands without paying severance.
• whomever remains to be loyal and demure.
• those remaining to be cheaper than market.
• everyone to be in the office full time.

At the corporate level lying about performance and forcing RTO is worth a billion or so. Dropping 5,000 total puts staffing numbers just about where they are defendable. Not too much of a post-TD cut. Not too many. Later they will cull another 5,000 or so. Why? Because they will eventually outsource STS or at least Says and a few other groups. And they will pull back on retail and advice. They currently think that will come from AI and robo, but it will just be a business move. And, yes, I know Walt was saying weeks ago this isn't the plan. Right. He's the only CEO in financial services who isn't planning this. Such a cr-ppy liar.

Folks will have to make tough choices. I will do everything I can to not make it easy, but I can only manage myself and my team. I hate that.

I was hired during the pandemic and had green leadership. They are were paid off and our dev team have been in limbo since. I moved to Austin for this job and was told I could move away when I had my first child because I wanted to be closer to my parents. Was told today by my manager that I need to prepare to come into the office this summer. So much anxiety working for schwab. There's just not a lot to like about this place. It's almost impossible to get work done and every team seems to be in a flux with over governance and barriers to their daily work. It's difficult to see what the benefits are to being a schwabbie in 2024

Simon says I'm a-lying to you, babe.

He ain't the only one.

I don't know what you all were expecting. Writting was on the wall and has been for a while. I was denied in the fall. I literally asked Mr. GARFUNKLE in 2022 if there were plans to change policy on full time telecommuting because I was planning to move and he lied to my face.

You should have known to never trust senior leaders at schwab. This is not the same firm it was ten years ago.

beep bop boop

Similar situation. I’m on the east coast and I’m probably not going to get approved. What exactly are they wanting here? To reduce headcount? Surely they don’t think people can afford to move

I haven’t been denied yet but my MD said it doesn’t look like they will be allowed to approve anyone in her org. So Schwab basically has changed the rules on us. The percentage thing appears to be gone now.