Their website doesn’t even work.
13 replies (most recent on top)
Schwab has propritizited yes men and cheap IT labor for years and it shows. This is just the latest example. Schwab doesn't understand the value of data quality and they don't understand the importance of building highly resilient and scalable systems.
He-l most of their systems are still primarily based on symbol or cusip. They don't even know how to support instruments on a set of international exchanges properly. WHAT A HILARIOUS JOKE!
This was blamed on Crowdstrike.
Lousy capacity and resiliency planning; these things should have been known ahead of today. Transmit is a known bottleneck for a few years
incompetence starts at the top of Schwab tech
"Are you Schwab technical people just incompetent? EVERY TIME the market is volatile this happens. EVERY TIME."
Incompetent was your dad pulling out late.
Even if true, blaming third parties is a coward’s argument.
As a manager I warned about this. Repeatedly. Have fallbacks for service disruptions by vendors if we choose to use them. Isolate channels so mobile works when web is out. Have sufficient call capacity.
No. It’s too hard. Too expensive. Better to let legal put language in the agreement.
Our mantra used to be “stay off the front page of the Journal”. Now it’s how can we outsource and keep AUM.
It's always someone else, isn't it? No, tech people chose this MFA. And I'm sure Schwab will continue to use it, because, why change. It's not our fault, it's an MFA. Su-k it, customers.
Please be nice to hard working tech folks….This was third-party MFA issue impacting also Fidelity and Vanguard.
I agree with the last post. It’s not the employees, it’s management not wanting to be told anything but yes and if you speak up you will be targeted. Schwab really needs to do an overhaul of the good ol boys club and bring in some fresh leadership with new ideas.
the technical people are hamstrung - they know things could be better but the upper echelon ties their hands - doesn't want to hear new ideas - just keep doing what you are told
Are you Schwab technical people just incompetent? EVERY TIME the market is volatile this happens. EVERY TIME.
Just when clients want to access their money the most. smh.
Glad to see all the layoffs paying off