Now that leadership had some changes, will other teams have changes too? Does anyone have information?
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I was already notified of the results, and told the affected members who had them approved and/or denied. Must be inconsistent across the org.
WFH decisions are scheduled to be released on Tuesday.
Nobody on our team knows it we are rejected or approved for continued WFH . We were all supposed to know a couple weeks ago and nothing. Simon was elusive on call today and rumblings are more layoffs before we find out if we have to return to office. Managers have no input and it's from the top and most are getting rejected.
There are more bonuses laying employees off than there are making money for clients. It's the new and improved Schwab "lean" business model.
@2mej+1syc9PWt
Question is WHY?
haven't Schwab wasted millions trying to that?
I have seen many org transiting to new tech and system .
What I have seen in Schwab this legacy system are handled by same team for decades.
This teams have incentive to not allow migration to complete.
Think for shoes of team who have bread butter associated with legacy system.
Take simple step
Weaken this team slowly.
and bring competitive vendor in picture.
Give other vendor task to take over and incentive to fast migration.
Never involve legacy people in Migration they will make it worst
Anyone who thinks the mainframe environment will just disappear anytime soon is quite delusional. Schwab is nowhere close to being able to 100 percent retire the legacy systems.
Hopefully O2 (it is famously called , MF part ,Old guard ) , CAT , RPS should be wiped out.
That Need hour, if Schwab really want retire this legacy.
Otherwise some one is benefiting , in hierarchy.
Current skills is everything. At Les Schwab I was great at selling tires. Then I was laid off at Les Schwab. No tire company would hire me. Not Goodyear, Michellin, not Firestone. Then I upgraded my skills. Learned AI. Went deep on transformers and realized attention is all I needed. Instant employment.
Yes, it is confirmed that a other wave of major layoffs are coming. This was to be be expected, given the dismal sales forecasts in 2024. We just dont need that many staff given the projected sales this year. Tire sales gave declined. 40%. Les Schwab is not doing well.
Oh sorry. Ooops. This is Charles Schwab, not Les Schwab. At Les Schwab, we make tires, not money.
Oh the good 'ol days: https://www.cnn.com/2020/10/26/business/charles-schwab-td-ameritrade-merger-job-layoffs/index.html
There will be a major one at the end of June/beginning of July.
The people made redundant by the migration will be let go.
The EC level changes are unlikely to change rank-and-file plans. Those plans are quarterly layoffs, attrition via force including bad reviews and harassment and a right sizing of redundant workers post TG.
Plan to be let go each and every day. Have savings, a current skill set, a solid network and flexibility in geography and career. Your future self will thank you when the day comes. And it will.