Is everyone okay at Charles Schwab?

Wells Fargo L6A7pO
Sep 11 22 Comments

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TOP 22 Comments
  • BMO hPnJ57
    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.
    Sep 11 2
    • First Republic cyWT32
      Bingo
      Sep 11
    • Charles Schwab nelabjwbq£
      A lot more than 30%, more like 60% in 2018 - in the annual report.
      Oct 26
  • Chase
    ptgi36

    Chase

    PRE
    Neuberger Berman
    ptgi36more
    It’s not about recessions, banks and financial institutions have regular culls to trim the fat.
    Sep 11 1
    • Chase fgUe72
      Its like the yearly 3%? this seems larger though. We will find out soon i guess.
      Sep 12
  • Moody's HcyS15
    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.
    Sep 11 0
  • Charles Schwab / Data HvGo52
    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.
    Sep 12 0
  • USAA QbSl78
    Probably to make room for all those new USAA employees they’re about to hire.
    Sep 11 2
    • Charles Schwab NCC-1701
      Uh no.
      Sep 12
    • USAA QbSl78
      One can only hope you’re right!
      Sep 12
  • Charles Schwab SoCall
    Schwab shares crashed yesterday after the $0 commission war. Now internal rumors are on the next round of layoffs coming earlier than thought to compensate for the lost revenue from the $0 commission move. An SVP my team talked with did not deny this and their body language pretty much confirmed the rumors. Meanwhile VPs and above are conducting team meetings to assure everything is fine and no more layoffs are planned any time soon, to help the morale which is very low.
    Oct 3 0
  • Charles Schwab SoCalled
    So the 600 is now done (sigh!). Seemingly random picks, instantly accompanied out on Wednesday as the rest of us watched. A lot of teams with all-time low morale. The common theme is scape goats managers (VPs and above) identified to put in the list and less influential folks by perception. Everybody is scared as the rumor is out about the list HR and SVPs were asked to prepare for the second round, likely later this year depending on the interest rates and quarterly results.

    Most of the suburban Joes and Marks seem to be safe in this round, as they walk the floors to rebuild perception.
    Sep 19 0
  • First Republic cyWT32
    Yield curve bad
    Sep 11 0
  • Charles Schwab qsOr71
    They are getting rid of a lot of non essential project managers
    Sep 16 0
  • New daveo
    If your at Schwab in SF consider it temporary, they’ll eventually move everyone out...
    Sep 24 1
  • Pronto Insurance / Data
    csusgrad19

    Pronto Insurance Data

    PRE
    eClinicalWorks
    BIO
    Actively looking for full-time opportunities in Analytics, preferably in the Bay Area. Master's graduate in Business Analytics from UTD
    csusgrad19more
    Huh.. I got an interview request from them the day before. Followed up and they haven't gotten back to me yet LMAO
    Sep 11 1
    • Charles Schwab NCC-1701
      Schwab is still hiring new positions... And eliminating those it no longer needs.
      Sep 12
  • Business Insider / Other
    areporter1

    Business Insider Other

    BIO
    I’m a reporter. DM me to chat.
    areporter1more
    Business Insider just reported this and there is likely more to come. DM me if you’d like to chat anonymously. https://www.businessinsider.com/charles-schwab-managing-director-brad-sorensen-out-with-layoffs-underway-2019-9
    Sep 17 0
  • Apple
    apeAndApe

    Apple

    PRE
    Google, Uber
    apeAndApemore
    Really sad
    Sep 12 0
  • Ten-X RFMR24
    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!
    Sep 11 0
  • EY kenesh
    Bloated operations
    Sep 11 0

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