I feel like I missed something. The last several posts imply that there’s for sure more layoffs on the table. Was there an official communication that I missed?
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Get Rid of All Upper Management and CEO terrible execition in the last few years.
Oh yes the Finance dept - including ALM and Treasurer has caused the mess - should have been let go last year - instead they are still running spreadsheets and leading the good life - maybe Dennis should be pushed offshore!
Regarding hiring offshore … it’s absolutely insane to be doing this in cybersecurity. Employees get in trouble for taking a laptop overseas without prior approval (which is good policy) yet we have contractors physically located in India and Russia working in cybersecurity and tech. It’s makes NO SENSE from a security perspective. Meanwhile, the cyber/tech departments have been gutted, everyone is overworked and miserable.
Regarding layoffs - my leadership a few weeks ago thought it would be inspiring to thank us for all our hard work during TG weekends, then proceeded to warn us that tough times are ahead, difficult decisions will need to be made but that they have faith in our team that we will bend over and take it up the rear without a peep. I do believe bad things are ahead and they aren’t being quiet about it.
Schwab is struggling, our share price is cratering (again), but those execs who got us here (and the complicit, rubber stamp board lead by Walt) still make millions. It’s time we hire execs with industry experience, not former McKinsey consultants.
Peter should have been fired without any benefits long back. The Finance dept caused this mess and Dennis for over hiring offshore resources.
If you read the script of the earnings call, Walt reports that the company will 'get smaller.' He did not mention layoffs but did say that they will be sending off some bank functions to third party vendors. They want to keep the convenience of the bank for customers without keeping all the financial responsibility of running one. That said, I feel like most here that there will be cuts and probably sooner than later based on financial results. I feel for all who will be left behind to run a gutted out company. It's bad enough now as it is.