It is tempting to not disclose a new job, but per the severance agreement (which I am still trying to clarify with HR), you still get the severance if you get a new role outside Schwab, but you don’t get the bonus of you get the role before the end... — read more 

I know a couple on my org other than myself were impacted. But it seems like fewer lower level IC’s were let go, so I am wondering if it was pay. One of the IC’s let go was recently promoted and we both had stellar performance reviews. I’m confused... — read more 

A few years ago when I was 55, I was laid off from Schwab. A few months later, the management posted an opening for my exact position but listed the total compensation at about half of what I had been earning. This is a deliberate management... — read more 

This is just to document things on this board so it starts to show up in Google searches, people want this info but it's hard to find. No need to reply. We closed offices in five cities between August and Monday’s layoffs: Atlanta, San Antonio... — read more 

Atleast now can someone share the criteria behind selecting the names? So who is next on the list? We lost some brilliant people from our team, the criteria couldn't have been performance. Will there ever be transparency at this place?

If you've been let go, try calling HR - haha, on wait so far 25+ minutes... Can't get into workday externally because of password issue. HR has to re-set. Of course the instructions in the severance docs are not correct. I guess they're extra... — read more 

The SPD defines annual business days as 264 and uses this in the denominator to calculate everyone's severance payout. Industry standard is 260 (2080÷8). Looking at the calendar and counting the days, 2023 is 260 and 2024 is 262. 264 seems... — read more 

Hey team! Could anyone provide the deadline for COBRA selection and the termination date for our benefits?

As far as I understand, the benefits will terminate the last day of the year for those impacted in the first round of many numerous layoffs. How best to utilize what we have left in this time? I’m talking everything in terms of medical, dental, EAP... — read more 

Those in impacted areas in this wave will escape what must be coming next. 2k employees does not get us to the magical $500m in savings. My guess is call centers and people just doing integration will be taken out 30 days after the last TG. ... — read more 

No need to name names. Just orgs / teams.

Starting to get some detail on this… 20% of MDs and 15% of directors were let go yesterday, compared to 4% of individual contributors. It appears the approach taken was by percent of the level vs a raw total. They wanted to cut out an entire layer... — read more 

I know it's over, but I still can't relax. I barely slept last night. This whole thing has really messed with my mental health.

Do they have a way of finding out if we take new jobs before the WARN period ends? I want to look now and accept something if I find it but don’t want to lose my severance payment.

We lost 2 level 58s. The process supposed to be inverse pyramid but reality seems opposite. Most impacted were from grade 57-59 and not hearing any of MD and above impacted. Anyone heard otherwise ? Anyone has number how many people in STS(... — read more 

I guess we're now expected to take on their workload as well? I won't. I already have more than enough to keep me busy and I have no intention to gift Schwab a second of my family time anymore. They can figure it out. If that means they decide to... — read more 

Did anyone get to find out what the Severace package is?

Department of Labor can be user for missing wages such as unpaid overtime. You can also lodge a FINRA arbitration to put them on their heels. Never got paid for the frequent issues with getting logged in.

Reality is beginning to sink in after the initial numb period. Should’ve taken the job search more seriously rather than the lackadaisical half-assed effort I put into it. Now I have only one goal to focus on. Without this kick in the a-s I may... — read more 

I’ve been on short term disability through Sedgwick and was notified today that I was being laid off. Do you think I’ll still continue to collect short-term disability? Been with TD and then we got acquired so perhaps 6 years of service total. How... — read more 

When we were told about layoffs, I started job hunting. It has taken a ridiculously long time, but by sheer luck, I just got an initial job offer for 25% more than I was making at Schwab. And was just laid off. I have to figure out how to best b... — read more 

I found significant pay discrepancies between people on my team at the same level. More than 10%. Those who have been at the firm longer lag more even after promotions. I discovered that I was on the upper end of the pay band. And now, surprise- I... — read more 

Will there be more later this week?

Every single moment you spent at this company was a waste of your time. There is nothing you can do to change reality. Some of you have spent most of your life here. Believe it. Every single ounce of energy you put into this company was a waste of... — read more 

Please name your role/team

Do we know where we're at now? How many are left to lay off?

Any idea?

Here are some posts from earlier today that got burried in the second page: Impacted- 57 IC within CRM (1st/2nd LOD) Post ID: @OP+1plCO04j Done! Was laid off this morning. Was expecting it but still a jolt. Last day is Jan 5th. Eligible for year... — read more 

If you got laid off, will your RSUs auto-vest? Can’t seem to get a direct answer.

Please say what team you were on/position you had. Was it client facing?

There is an article out here at RIABIZ https://riabiz.com/a/2023/10/30/with-the-swiftness-of-a-lightning-strike-charles-schwab-corp-fires-as-many-as-2000-employees-with-no-public-announcement-affecting-legacy-schwab-as-well-as-td-ameritrade-staffers... — read more 

Branch FC laid off after they said no one in client facing roles would be impacted. Legacy green. I’m glad to be out of the toxic branch I worked in selling mediocre products.

The survivors move on. The ones cut move on, and go on tombigger ans better things, while getting some moce cash in the bank. Hard day. But it finally is pver, whch what most of us wanted.

I’ve been through a few stages of grief today. In the morning I was surprised because I thought performance would help keep me at the firm. But then my Manager and MD were among the layoffs besides me. So I guess I can partly see how they can justify... — read more 

I am guessing ZERO! This whatbis called barking up the wrong tree.

Does anyone have a recommendation of an attorney that would look at this pro-bono? All of the older, experienced and talented employees with lots of institutional knowledge got sacked over people that have worked at Schwab under a year. I know... — read more 

Hope someone familiar with HR terms can answer. Since the end date is 01/05/2024, will I get any of new year benefit? Normally paycheck for 12/18-12/31 will be paid on 01/05/2024, it will contain my 401k contribution and company match plus $250 flat... — read more 

Any insight on non compete in the severence email ?

Does anyone know how many employees were let go?