Charles Schwab sits on a mountain of cash and still can’t be bothered to pay its frontline people a living wage. CEO Rick Wurster talked about raising salaries because the cost of living keeps climbing… then quietly didn’t follow through this year. Meanwhile the company rolled out a fresh $20 billion stock buyback in July 2025 so shareholders and executives can keep getting richer.
CS&S workers and the rest of the frontline grind every single day under that pressure. But leadership still loves the corporate Kumbaya about “seeing through the customer’s eyes.” Funny how nobody ever has to see through the employee’s eyes while they’re drowning.
12 replies (most recent on top)
@16c why they will replace , they can send present lot here from both FTE and Contractor call as international transfer or some other fancy name
@es this is true. This is why thousands were laid off to hire people 9,000 miles away in India, like the other hundreds of thousands of jobs across the country. When you say “you’re paid what it takes to replace you,” YOU have the meaning “‘make sure you produce more benefit to the company, or someone that can do more will.” In actuality, it’s just the literal meaning of the phrase: If Schwab can replace you with some guy 9,000 miles away for less, or if they can just get a robot to do it, then they will, and everyone left over will pick up the pieces and try to make do. How many thousands of us were laid off over the years for this exact reason? Anyone still on their knees pretending corporate meritocracy is the rule of law today is so inured they probably also believe looking for a job is as easy as walking through the front door and shaking the hiring manager’s hand firmly.
The company keeps making more and more money, but morale has never been lower. Food for thought.
@rp I did. Had a job with a competitor within weeks. 25% pay bump and working remotely.
I took Schwab 3 months to replace my role; they had to recruit externally. In the end, they ended up with a guy straight out of the university, and chaos ensued.
@rk I love how everyone says they'd get paid better elsewhere but they're still here at Schwab. Go interview for some other jobs and see what they're willing to pay you. I have. They all told me a range much lower than what Schwab's paying me even when they advertised a higher range. Because I'm not blind and arrogant like the rest of you, I accepted that Schwab was actually paying me above what I'm worth.
@r0 No. You aren't paid what it would cost to replace. A replacement is $60-100,000 plus the original salary plus, usually, 10% above that. Those costs are consistent for most roles. In other words, if paid to replace, you would get at least 20% more. Second, saving more is a great argument to suppress wages. But no one retired because of a $5 coffee. The data is clear. Wages have not kept up with inflation. For example, wages are up about 7x. Housing is up 22x. Compared to minimum wage in 1970, you'd have to make $120/hr today. The only areas where things are materially cheaper are technology. Now, one can argue that a house today is massive, filled with microwave ovens and other things, but that doesn't change the increased comparative costs. Now, I am paid well, but I make less per year by staying at Schwab than I could elsewhere because raises are less than inflation and compound negatively. Once my kids are out of school that math will change with a new company.
@es Great advice! A lot of people don't realize just how well they are being paid because of what's left after all their unnecessary spending. Simple fiscal responsibility will give you the biggest raise of your life!
Who in the fu-k voted this down? Ebeneezer Scrooge I see you out there.
@es “Learn how to handle being poor better than expecting a decent raise for decent work from your employer that continues bragging about the record profits they’re bringing in!”
Fu-k off with this tone deaf, bootlicking bullsh-t. It’s fu--ing ridiculous that Rick and the EC keep giving themselves raises and awarding themselves shares while the rest of us doing the actual work don’t even get merit raises that keep pace with inflation.
You get paid what it would cost to replace you. If that's not keeping up with inflation, then you need to see how you can add value to the company in order to raise that replacement cost. Otherwise your option is to cut expenses. Try packing a lunch instead of going to the cafeteria. Cancel the streaming services you hardly ever watch. Brew your coffee at home instead of going to Starbucks. Take a staycations rather than vacations. Check out what's available from local thrift stores before going to Macy's or Nordstrom to buy your clothes. You'd be amazed how that all adds up.
Having worked at Schwab is more valuable to you than actually working there!
Look around! Most people I know bumped up their salaries 15-25% by going somewhere else, working for a company that respects you.
30% off government groceries in NYC. I recommend the government cheese.
Even great performers don’t keep up with inflation. My raises pool was 3.2%. Inflation is well over that. My guys? All are working for less than they were five years ago, including shares for high performers, when adjusted for inflation. None of them work only 40. And all have expensive commutes.
My only advice is leave. New hires almost always see a double digit bump in their new salary. Until labor wises up it isn’t going to change.