Thread regarding Charles Schwab Corp. layoffs

@357 Except we don’t move anyone and regularly restrict movement of those who want to. One of my guys wanted a new challenge. I supported it. He was told no and I was told if it went through I would lose the headcount.

Some of the "tenured" employees are basically useless, and getting rid of them will benefit everyone. It has always puzzled me why Schwab are keeping people who are not contributing and has done the very same thing forever. Schwab needs to change. Keeping people in the same role/area for decades is a recipe for longer term disaster. You need people who are flexible and can move around in the company. Not one trick ponies.

@vq Tell us you don’t work for, and have never worked for, Schwab without telling us.

Schwab must hand out a large severance to those that are tenured or make more. Generally, this isn’t financially favorable unless they have no tenure…
Performance is always used in terms of lay offs. Reorganizing is a way to enable this so we can remove roles / select low performers or those not fitting in with the culture. Every place is like this with layoffs….

I don’t think that’s technically a targeted consideration for that location but rather an overall trend at Schwab. Layoffs used to be a method to get rid of underperforming employees has turned into a greater focus of high cost employees. Naturally those with longest tenure are often a higher cost and therefore are selected as they are quicker to achieve cost saving. Sadly lots of institutional knowledge has left whether through layoffs or voluntarily due to the toxic culture and leadership does not care. Apparently everyone is replaceable, MDs and above are not held accountable for their elite mentality and approach. Sad to see how bad the culture has changed.

False.

Positions are moving to the GCC in India.

Any proof?

Just naming a city and nothing else?

No departments named, no dates listed, etc.

Feels like this is just bate/trolling.

Sun will rise tomorrow.

That is correct!