I’ve been trying to keep up with posts here, but there are just so many different departments, roles and terms etc that I’ve never heard of. And why would I.. I’m low level Bank Ops team in San Diego. What I’m trying to understand is how it seems like either they’re trying to force people to leave on their own or they are doing little layoffs here and there (from what I gather in these posts), but I haven’t noticed a single person in my Schwab universe, having been let go since the big layoff in January or whenever that was. In the last few months, my manager has been in and out, seemingly on something when in huddles.. acting crazy, slurring speech etc.. (how this mgr hasn’t been fired is beyond me). One teammate has gone part time (didn’t even know that was an option). And even tho the team is meeting (if not exceeding) the efficiency goal in Enlighten we’re all still scrutinized for not doing more and so due to that, some are actively not complying with this ridiculous request and just doing the min work required and hoping to get fired, but to no avail. Andddd, I’ve been noticing on other related Ops teams how people that started around same time as us have all been promoted to Senior Specialist. How is it that my team has never even been given an opportunity for specialist let alone senior? Who decides which teams, of the same nature, get that opportunity? And does anyone know what the fate will be for us in San Diego.. bank ops/internal jrnls, new accounts (I think they’re called osas), Transfers team (nonacats etc).. will they do what I’ve been reading about here and making people move or quit, since we have no office in SD?
And lastly, if one were to leave, what equipment are we required to send back? All of it? Including monitors, keyboard, mouse etc? Or only the important parts like laptop and charger? I just ordered a few things, manager approved, so they’ll get sent direct to me, but I’m on the verge of leaving-granted I get this job offer I’m waiting on-and I’m wondering what equipment they’ll expect back from me, and hoping I don’t have to return some of the new stuff as long as I return the og cr-p I started with.
11 replies (most recent on top)
All of the ERG roles are a complete waste of time and resources. They need to get rid of all of them if they haven’t already.
I submit for your conasideration that the OP is Peter……
Good you you OP. Run away as fast and as far as possible and don't look back.
OP here. I got the job I had applied for!
In response to the last comment, I really did think it would take me a while but I’m guessing I got lucky. When I made my post, I had already been through the initial phone conversation, and in person interview. I was just waiting on their last step of meeting the ceo/owner. I’m so stoked! I will have to be full time in office the first 4 months for training and getting to know the advisors I’ll be working with, then they do hybrid 2 days at home, and even tho it’s quite a bit of a commute (45-60 mins one way), it’s a 24% increase of pay for me, which is huge. It would take me years at Schwab to get to this pay based off how they give raises & bonuses. And I won’t have the stress of dealing with my batshit crazy manager! Funny, I’ll be going to a small financial firm that uses Schwab (and fidelity) as their custodian haha.
All I can say is update your resume and start applying. It is a long process and you will get a lot of canned emails saying thank you for applying but we have received a large number of applicants….San Diego and especially Banking Ops in the crosshairs. I was shocked that San Diego was not impacted earlier, but there has to be something about tax breaks CA gave TDA to keep X number of employees on the payroll. Banking Ops is a big expense for Schwab and they will automate and cut staff as much as they can. San Diego is also Tier C and the highest cost for labor.
Schwab is dog eat dog. We are not family / Schwamily, friends, etc. It’s too bad, but probably just the state of corporate America. Protect your well being, do your job, collect your pay, and let the rest just flow by you.
OP here. Thanks, I appreciate the insight, and info on what to expect on sending equipment back. I’m so ready to be done with this place. I had the same manager on green that I do now on Blue, yet they are like a completely different person. We get berated and called out on a daily in huddles/turbos, even tho we are meeting the goal. It makes no sense. It definitely has taken a toll on my mental state. And I/we used to like our manager. And the rest of us get along so well and work great together on our team. It’s such a shame :-/
If laid off, and remote, Schwab will send you a box to return your PC. It’ll be spelled out.
Bottom line, leadership doesn’t trust employees. Employees know / sense this. Demotivation sets in. Leadership again plans changes to our hybrid work model. More demotivation. You could say it’s an unvirtuous cycle that leadership can’t figure out how to stop (as they continue to make more life impacting changes around RTO, WFH, layoffs, and pathetic stock performance.)
Walt made comments in a leadership meeting highly suggestive that offices will close, some staff will be asked to relocate (at their expense) or resign, RTO will become 4-5 days, and we need to further shrink our company (as our stock price suffers due to poor executive leadership). With this come many other smaller issues you see posted here, but add to the aggregate sh—tshow that is this company right now.
I was part of the layoffs in October so my disclaimer is things may have changed between then and now: you don’t need to return most of your equipment you have at your house. Just your laptop, docking station, corporate credit card, corporate cell and any keys you may Have. that means you get to keep monitors, keyboards, mouse, etc.
I can’t speak to your business unit in San Diego, but that sure sounds ripe to be consolidated to a larger office elsewhere.