hearing lot of rumors, anyone has more tea ?
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Whether the layoffs are now or March. People need to get used to the fact that layoffs will be going on for a while. There may be big and small events, but don’t think it’s a one and done. Look at all the groups that were impacted last year. That was due to re orgs, now you have to optimize those reports and right size to the investments. Remember Dilip and others came from McKinsey and all McKinsey knows about Transformation is to reduce headcount.
Being a member of TOS means living with constant Reorgs and RIFS. It's all the poor management knows.
More layoffs coming in March. Confirmed. Additional reductions from cost savings that were not fully realized in Q4
Dilip’s Org is going to cut deep. Failure to deliver the cost savings for all the projects such as cloud and app rationalization, process simplification, etc is the driver. Cost has not been taken out quick enough and I believe they are targeting something like $300M in cost saves . This can come from people, software, hardware, etc. No matter, people will be impacted by either straight layoffs or off shoring of jobs. This should not be a surprise. Andy loves his cost efficiency ratio above all, except his love of himself.
What’s the expected date for TOS? First week of March?
The bank never looks at the many useless levels of TOS management. The useless, non-working managers of managers. Official meeting goers. Long-term useless goofs who could be let go, millions saved with nothing lost.
Tell us what you’re hearing about Technology team layoffs under Dilip,s org? Please
Well first, OP will need to clarify what he/she means by "TOS" which does not exist as a business line. Waiting.... Depending on the answer I might have info.
I’m interested to see if anyone can give any inputs on this too.
There has not been any such business line as "TOS" (which stands for Technology and Operations Services) since early 2023. Technology and Operations were split into separate business lines and have separate leaders. Which group are you posting about?
Yes they will. They are planning it out as usual.
What are the rumors you are hearing? The only thing that may be accurate is that, yes TOS will be cutting and cutting deep.