Thread regarding Charles Schwab Corp. layoffs

Should I accept an offer and move?

I’ve recently been offered a corporate position in a software development role that pays more than other offers I’ve received. I’m a US citizen, and I’d have to relocate to Jersey City for the role. Is it worth relocating to a more expensive city with Schwab?

My current company is constantly laying departments off and outsourcing, and I’m worried about going to a similar or worse environment.


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| 44 views | | 11 replies (last 10 days ago) | Reply
Post ID: @OP+1kzsj2j0z

11 replies (most recent on top)

@e8 That's a lot of d*ck kicking

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Post ID: @1hp+1kzsj2j0z

@hf I personally know of 4 H1B visas that were not renewed, and the same roles popped up at the GCC. Also, an entire team of employees and contractors was discontinued, and the work moved to the GCC.

It is happening. Now!

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Post ID: @11a+1kzsj2j0z

@eg do anyone knew h1b whose job shifted to gcc or any asked to go to gcc?? Contractor or fte any idea

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Post ID: @hf+1kzsj2j0z

Dont come to schwab only to be replaced by an H1B/Schwab India later

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Post ID: @eg+1kzsj2j0z

Do you like getting kicked in the di-k? Do you like getting kicked in the di-k over and over again. Do you like getting kicked in the di-k over and over again every day. Do you like being micromanaged while being kicked in the di-k and being scolded about how lucky you are to get kicked in the di-k? Do you like not having any growth opportunities and the constant threat of being laid off while getting kicked in the di-k? If so then Schwab is your place. If not I would run like he-l.

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Post ID: @e8+1kzsj2j0z

I would not risk it.

Schwab is far behind others in terms of using AI tools for SW development and are desperate to catch up. They will lay off thousands of SW developers in the next 2 years, and what's left will be moved to Schwab India.

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Post ID: @df+1kzsj2j0z

@c5 without specifics - what is your role/org or current location? How were you told? I am one of the few remote employees and wondering how long this will last

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Post ID: @d4+1kzsj2j0z

Yes you should. I am a naturalized citizen who moved to Schwab in 2019 and to TX in 2021 from California. A big disaster move for me. I am trying to get out of TX and Schwab now. I moved from Jersey City in 2011 to California and that was a great move. Moving to TX and to Schwab was the stupidest thing I've done. I have 2 kids and I'd still move to East or West Coast. I have a big house here in TX but its not really worth it. I don't really enjoy living in the suburbs with 2 cars I'd rather live in a small apartment and walk around a city if I had a chance. Also, if you don't have kids its easier to move. My kids are about to go into middle school and elementary school and I can't wait get out of TX. Huge opportunity miss living in TX or the Mid-West or South if you ask me. I work in STS. If you went to a descent university and are pretty good at core computer science concepts I'd brush up on your skills, network and get out of Schwab and never look back. Just my 2C.

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Post ID: @cw+1kzsj2j0z

Better make sure that the team is actually based in that office and that’s where it intends to stay. I’ve been told my job is moving to HQ - with or without me. Yet a known EC was to move a year ago and hasn’t and they are allowed to keep their role.

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Post ID: @c5+1kzsj2j0z

If you mean the position Schwab JC and you're considering leaving your current company, then

  • Schwab lays off about 300 people quarterly and about 2,000 every couple of years. We are expecting a large layoff.
  • Schwab rewards young and demure. Do not consider a move here unless you are <35. Do not consider if you need to point out absurdities.
  • Make the move a three year plan. Meaning you look in 3 no matter what.
  • Pay attention to the relocation requirement, especially if it is on your dime. It shouldn't be, and Schwab will pay for relocations. A developer should be able to work anywhere and you will likely be collaborating with people around the country if not globe.

Good luck.

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Post ID: @a3+1kzsj2j0z

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