Is everyone okay at Charles Schwab?
Just read that 600 people are getting laid off...Is the recession coming? https://www.foxbusiness.com/markets/charles-schwab-cuts-600-jobs-amid-pressure-from-fed-interest-rate-cuts
It’s not about recessions, banks and financial institutions have regular culls to trim the fat.
Its like the yearly 3%? this seems larger though. We will find out soon i guess.
Bloated operations
Yield curve bad
30% of revenue is from the spread earned on cash just sitting in their brokerage accounts (dividends, etc.). Lower fed rates than projected = lower NII and missed targets. Simple as that, a lot of FIs are in the same boat.
Bingo
A lot more than 30%, more like 60% in 2018 - in the annual report.
Something tells me we still have some upside to go before things start falling. They probably just didn't do well enough for their clients. Plus lot of competition with brokerages and other funds these days!
Probably to make room for all those new USAA employees they’re about to hire.
Uh no.
One can only hope you’re right!
Huh.. I got an interview request from them the day before. Followed up and they haven't gotten back to me yet LMAO
Schwab is still hiring new positions... And eliminating those it no longer needs.
Internal email circulated around the same time as the WSJ article. Nobody really seems to know any details. The morale in my office is zero.
Really sad
Lots of layoffs at major firms recently. And negative interest rates abroad. Things are... slowly showing signs of something. Recession will come. As for when, who knows. I hope the workers at Schwab are okay. Same for Uber.