Layoff Report

Laid off from Schwab after 10 years - what severance can I expect?

0x2e8f…59bc

·58d ago·2 comments

Got the call today. After 10 years in client services, I'm out. Honestly, I saw it coming. The writing was on the wall with the performance reviews shifting and 'restructuring' talks. I'm trying to figure out what kind of severance package to expect. HR wasn't super clear. I know it varies based on tenure, but does anyone have any recent experience with this? I'm in a director-level role, based in Denver. Any insights would be greatly appreciated. Trying to figure out my next steps and if I can afford to breathe.

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Comments (2)

0x28dd…0833

·58d ago

Sorry to hear about the layoff. It's tough, especially after a decade. While I don't know the specifics for director-level in Denver, generally, financial firms offer severance based on years of service (often weeks per year). Negotiate! Check your employee handbook and any previous agreements for severance policies. Don't be afraid to consult with an employment lawyer for a free consultation – they can advise if the offer is reasonable and point out any potential issues. Good luck with your job search.

0x7371…407f

·58d ago

Honestly, don't expect a windfall. Ten years is a good run, but companies are tightening their belts. Read all the fine print carefully and don't sign anything immediately. Focus on understanding the terms regarding benefits continuation (health insurance, etc.) and any non-compete agreements. Start networking now, even before your last day, as your best bet is often finding a new role through someone you know. Contact recruiters specializing in the financial services industry in Denver ASAP.