Is it just me, or was this round significantly bigger than the usual Tuesday rounds?
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Yeah, I'm sure the other banks have good people. The problem is, none of them are coming here. We get the absolute dregs, and their performance shows. Meanwhile, execs S on internal people at every single opportunity, because they hate us. There's no way this ends well.
re: the comments about EFT. I've heard the same thing from colleagues there. They have a location strategy and if you're not in the chosen cities you'll be gone-- even if you're in a core city. Absolutely the d-mbest thing to do. The company is losing a ton of people with a lot of tenure and institutional knowledge. All these Truist, BofA, JPM people are a fcking joke -- but they meet their numbers, take their huge pay+bonus then when things go to sht they'll "pursue other opportunities" with their golden parachutes.
And it's ridiculous how BE brings in a direct report - at likely multi-million salary to have some tiny org like EA and whatever the f*ck else the guy has. Then another direct + her buds (again Truist) for the data organization (then turn around and say hey you have to reduce costs).
I'm just glad I'm close enough to retirement that getting laid off would be great and won't have to watch this sh*t show for too many more years.
About average really. 500+. We've reached the standard spring / summer average of 1200 or so, per month, downsized. Same as WF has seen the last few years.
Comments about Ken’s team are accurate. I do still wonder how our emergency planning teams feel about having all employees responsible for individual products located in the same buildings.. seems incredibly risky.
A number of fully remotes in tech were let go yesterday.
All bigger from here on out. Get ready. 20-30k to go.
Unfortunately I am serious. EFT published their colocation plans earlier this year. All teams will be in a single location specific to that team within 2 years. Meyer’s reports get to decide where each team will be located.
@ 1jt3sb2cr are you serious?! If true I don’t want be around for this which should be ending soon this year for me due to location strategy but sheesh.
Being as a person in management there and knowing the lay off numbers to their strategy set around 2019-2020….. they have about another 30,000 to go to hit their employer count goal.
Ken Meyer runs a relatively small org. And they are moving to a co-location strategy over the next two years. Teams will be in the same office. A terrible move for career choice. If you want to move to a different team within EFT and it’s not in your city you are SOL.
Let’s just all discuss anecdotes
OP - might seem like more because it affects more people you know this time.
However, it was stated in a town hall that Tech should conclude the location strategy by 2026 per Ken Meyer. This could be the ramping up you are sensing.
nobody on here actually knows
I must be in the wrong area, or the right area depending on how you look at it.... I have hardly see any over the past several years.
@ac+1jt3sb2cr - you’re probably right. They can’t release so many they draw too much attention to themselves. But they can continue with a monthly 850ish followed by a smaller termination Tuesday number, then the next TT 709-850, next TT smaller #, etc. It’s maniacally genius.
About 850
The last two waves were pretty big, yeah.
Huuuuuuge
yes, a lot of location strategy layoffs were planned on this day.