Thread regarding Charles Schwab Corp. layoffs

Leadership MD and above

I am a relatively new Director and was recently talking to someone quite high up in STS who has been here more than a decade. He said that the good leaders use Schwab as a stepping stone to get their next big external gig. His view was that they quickly realize its hard to get anything done and the folks entrenched at the top are low on real tech competency and hence have no incentive to allow new ideas to shine. His view was that the best days of Schwab are over and the decline has started. He said its equally bad in business and has got worse. He said no hope until Dennis and Tim move on but the next level is also very bad. Does Rick see this and why does let the rot perpetuate?

I was dejected after that chat, wonder for those in STS Director and above what your thoughts are?


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| 1 view | | 6 replies (last 5 hours ago) | Reply
Post ID: @OP+1ky1f369n

6 replies (most recent on top)

@j3 My thinking as well. Their basic business model is flawed and cost them big time in 2023 that they still haven’t recovered from. No other financial firm took the hit they did ($19.5B according to Barrons) although Walt tried to paper over it.

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Post ID: @sj+1ky1f369n

@j3 Not a chance. The numbers don't support acquisition. And they no longer support Chuck's going private dream.

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Post ID: @p9+1ky1f369n

I'll give it 5 years. Before then Schwab will be acquired by a major bank for the customer base. Two years after that, half of the Schwab employees have been laid off.

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Post ID: @j3+1ky1f369n

@OP same can be said about the FC role…..

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Post ID: @h0+1ky1f369n

They dont want strong leaders at next level as it risks their survival. None of them can get same C suite roles if they leave Schwab.

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Post ID: @dz+1ky1f369n

Sorry. But yeah. Except for the stepping stone part the coaching is accurate.

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Post ID: @bv+1ky1f369n

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