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Schwab 2,000-layoff aftershocks roil the industry as it's revealed top tech talent -- led by widely regarded veteran Kartik Srinivasan -- were axed, raising questions about future of Schwab innovation

Behind every layoff a human story as pink slip to an 'unbelievable talent' epitomizes company's determination to cut $500 million in expenses.

Author Lisa Shidler November 3, 2023 at 3:49 AM
no description available
Kartik Srinivasan: I was impacted by the staff reductions at Schwab this week.
Brooke Southall and Keith Girard contributed to the editing of this article.

People Moves

Bill Winterberg

Bill Winterberg

November 3, 2023 — 2:40 PM
My full reply to your inquiry was, "So now with Kartik's departure, I'm not sure if I know the person who manages the integration relationships at Schwab Advisor Services. I met with Andrew Salesky several years ago, but he moved over to Schwab's workplace solutions team, and John Connor. Oh, come to think of it, I bet it's John that still manages the third party technology relationships for Schwab. He and I met at IMPACT in 2019 to highlight some of Schwab's newest relationships."
Steve L

Steve L

November 3, 2023 — 8:37 PM
This isn't meant to be a critique on the talent that was unfortunately let go, but I'm not sure how these layoffs would drive questions about the "future of innovation" at Schwab. It is definitely a big, complex job, but what kind of innovation has occurred there in the last decade? Their engineering team is likely all about integrations, data, patching problems, etc. Again, it is a hard job.
Mike Byrnes

Mike Byrnes

November 7, 2023 — 10:13 PM
The game of musical chairs in our industry seems to continue.

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TD Ameritrade
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Top Executive: Tom Nally

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