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

3 Comments

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.

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TD Ameritrade

The Charles Schwab Corp.

Kartik Srinivasan

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

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

November 7, 2023 — 10:13 PM

The game of musical chairs in our industry seems to continue.

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