#layoffs

KSAT-12 implemented layoffs affecting about 20 employees. The station confirmed these were staffing adjustments. A producer said no one expected the job cuts. Affected employees received severance pay. The company cited a changing media climate and restructuring.

https://www.expressnews.com/lifestyle/article/ksat-layoffs-21953161.php

You fought hard. I am proud of you.

Next Armageddon Layoffs:

Apr 6

It only seems fair.

Cross posting from the FIS Layoffs page here only makes sense. Buehler? Buehler?

We can do tech layoffs, that’s fine. Tech is too bloated.
Unfortunately that’s not going to fix Nike.
We need some hot product and strong marketing. Until that happens, nothing even begins to get better.
Ugly shoes with ba--s on the bottom or Jordan’s with 3 soles are not going to cut the mustard.

And I still out-perform my ‘coworkers’. And we’re surprised about layoffs?

Anyone else from Managed Services get axed?

My heart goes out to everyone affected. Especially those who really needed and wanted to keep their jobs.

Which means I don't care about layoffs, reorgs, or anything else here. Paycheck until I'm gone, that's the extent of my commitment. Leadership clearly isn't invested in turning this around. So I expect nothing, and I care even less.

Does anyone have any genuine insights into whether or not the second round of layoffs will still be happening soon? Or could they be on hold for now until the WB merger is finalised? Doesn’t look like convergence will be ready as planned either.

Did they bounce back?

What has everyone heard about Underwriting layoffs? I am currently in UW, specifically in business lines and we are just being told it is not affecting us at this moment except for the UW service assistants and Auto mod UW but it seems like everyone else is saying it will be all of UW that will be laid off eventually.

Been through multiple rounds myself over the past few years for various reasons. Even though I'm employed now, I can't shake this feeling that it's about to happen again any day. Which, working here, a lot of times makes sense, but it's happening even when we're in an in-between period. Every little rumor, every quiet meeting, my brain immediately goes there. It's like a reflex now. I feel like it's now my default setting.

Layoffs will Occur on Thursday and Friday March 5th and March 6th to further increase the presence of offshore contractors. No exact # of who will be impacted. This is for Optum

9am meeting was just put on the calendar for tomorrow. How bad do we think the cuts are going to be?

Another round of layoffs today in R&T…

Was it a wrong info (March layoff) , I can say about my location ( my project and surrounding) no layoff news so far.

RIF for WM is confirmed to happen tomorrow.

New risk framework=major layoff in risk?

So far at least 7 people I know in one subgroup that rolls up to the marketing division. All individual contributors. No idea if they were paid out according to the standard severance agreement. Job elimination was given as the reason.

What have you heard?

on the ask me anything session. Here's a summary:
"blah blah, strategic blah blah excited, blah blah Ai, blah blah blah No Layoffs"

So hard to believe any of this, the actions of the past years do nothing to support them. The leaders are powerless, only Christian, Dominik and S/O have the power and make the cuts.

I was laid off back in January. Last year, I got my bonus check around the 3rd week of March. Is that a reasonable expectation after getting laid off?

Some groups in risk, 20%

I think these are the layoffs promised in Feb that never came.

If you havent beem notified you are safe... for 2 weeks anyway.

BOA is known to layoff hardworkers more than those who don't do their fair share of work. I have been with this bank for 28yrs and witnessed so many good workers who always did what was expected of them within their role and more. While the slackers tend to remain left behind. This has resulted in questioning why should those who are always willing to do more than what they are expected continue to do so and let those responsible for doing certain tasks do their damn jobs.

How many of you have a manager that is always meddling into other teams responsibilities and expect their own to do other teama work oppose to reaching out to those teams to do their jobs? I'm so fed up because I see a few managers that I interact with do that and to me that is crossing boundaries and disrespectful to other managers.

At the end of the day those leaders meddling tend to be the ones to get let go from what I have seen in the past.

In November of 2021, nike stock traded at nearly $170 per share. Five years later and the stock is trading consistently sideways in the low $60’s, with no end in sight. Despite leadership purchases, leadership changes, constant layoffs, reorg’s, buy backs and a retail / wholesale reset, nike is one of the worst performing stocks out there. Today it’s trading at $59 and may go lower. A nearly %280 drop in valuation. Unbelievable.

No context, just stuff hitting the you know what.

Dan said layoffs will not be incremental meaning the 20% reduction was a one time only. This is a black swan event that doesn’t occur frequently. Just relax most of you will be fine!!!

Any other specific groups yet?

Memory shortages are going to whack margins and the only lever that can be pulled to maintain stock price is expense reduction aka layoffs.

This company has no ability to sell software without hardware and no ability to hedge across non storage products.

Before someone says what about cloud ..... Azure and the others, will also be hit with the shortages.

NetApp is like a small mom and pop hardware store which is being destroyed by Home Depot.

Leave now before the out of business sign is on the door.

Anyone know their salary, bonus, promote or layoff already?

Was he not the CFO the past few years? And greenlit HIH?

I've heard that layoffs may start soon, especially with anyone on bench for more than two weeks. What are people seeing and hearing?

Heard through the grapevine people in HR have said that they expected more attrition after the 5 day RTO was announced. So from this you could infer that a major goal, if not THE goal of this was to reduce headcount. Also this means that layoffs are coming since not enough people left.

The next piece of this is that the execs have admitted that the company is becoming too reliant on contractors, and want to balance out the hiring with more full time employees. What is not mentioned is that they want to flip contractors to FTEs. Offshore hubs are being built to facilitate this along with abusing work visas.

There has also been a major push for AI recently. Which helps reduce headcount even further. Models are now reaching the point where anyone can automate tasks or have someone vibe-code a solution that is "good enough".

The end goal of this is that they want cheap offshore labor to handle AI to push out stuff that is passable. So many current FTEs are going to be displaced. This is also the end goal of an overwhelming majority of other large companies. This is not systematically sustainable. And the working class is being set up for a world of hurt.

I don’t remember exactly where, but I saw a comment about Citi being a toxic place to work, followed by a request for clarification. I don't recall the OP ever following up, but as a software engineer who’s been at Citi for some time now, I have my own thoughts. Maybe it’s just my specific bubble in CISO, but here’s my take:

1. Non-existent inter-team communication. It’s like a collection of medieval castles: no one talks to anyone on the outside unless you hold a certain title. God forbid you’re a peasant. The Indian hierarchy and culture only aggravate this further; if you want anything done or even answered, you're forced to escalate immediately.

2. Terrible product quality. I honestly don’t understand how people with such abysmal coding, problem-solving, and process-building skills get hired anywhere, let alone at a bank.

3. Leadership with a heavy stench of narcissism. Don’t even get me started on Tim Ryan. He’s single-handedly decided that along with his title, he inherited a flock. Now every Thursday, he delivers a sermon on how to live, think, and behave --- even dictating which tools to use for work he doesn't understand in the slightest. Oh yeah, I sh-t you not, he also travels worldwide to Citi branches with his "Roadshow."

If you’ve been laid off, it’s a blow, but please understand: in the long term, you are better off. It’s a toxic, ugly environment for any software person. Your skills won't just stall there --- they will die. And they'll do so quickly.

I'm in a location with RTO mandated Tues-Thu. I'm complying when I can, but I need to maximize my productive work time to control the impact this place has on my life. That means sometimes I work from home and I appear on the list for non-compliance with RTO. Could they use that to deny my severance if I'm laid off? I don't trust this organization.

Does anyone know what happened to some of the C15s in Internal Audit. I just searched some C15s that I knew in Internal Audit and all their direct reports are there in global directory but they now C14 report to C16….Did the layoffs impact Audit?

Leadership is clearly not up to the task to turn this company around. Stock got a bump but regressed, NA volumes aren't working even with PPA investment and acquisitions, and we're getting the shaft with low team score and merit raises. At what point do we collectively say we aren't going to work to execute shoddy decisions that cost us money?

LOB and what you can share.