Layoff Report

Confirmed: 63 impacted as of May 31st

0x317a…a7a2

·13d ago·2 comments

Just heard from a colleague in my department. The news regarding the 63 people let go on the 31st is verified. Seems like the cuts were targeted across a few specific service divisions this time around. I know two people who were impacted—both had been here over three years. It’s a gut punch. HR is keeping things incredibly tight-lipped, and of course, the severance packages are nothing to write home about considering the current market. If you weren't notified, consider yourself lucky for now, but I honestly wouldn't bank on stability for the remainder of the year. The company is clearly trying to trim fat to appease the shareholders before the next quarterly report. Anyone else hear rumors about which department is next on the chopping block? Stay safe out there and reach out to your network now before the market gets even more saturated.

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Comments (2)

0x532e…653d

·13d ago

It is honestly exhausting waiting for the other shoe to drop every few months. I’ve been with Schwab for a while, and the atmosphere in the office is just miserable right now. Seeing long-term colleagues walked out after years of hard work really makes you realize that loyalty means absolutely nothing to leadership. They keep talking about synergy and efficiency, but it just feels like they are trimming the fat at the expense of our mental health. I’m updating my resume tonight because I refuse to be the next one caught off guard.

0x7f73…4468

·13d ago

That is rough to hear, and I’m sorry for your friends. To be honest, this shouldn't come as a shock to anyone watching the internal emails lately. The company has been obsessed with cutting costs since the merger, and these service division layoffs are likely just the beginning of a larger restructuring effort. It’s brutal, but that is the reality of working for a massive firm during a downturn. If you’re still there, keep your head down, do your work, and start looking for an exit strategy while you still have the paycheck.