A consistently reliable source tells me that big layoffs happening in mid-August. No other info available.
Can anybody shed more light on this?
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Wondering if this happened yet
@xyve GT&O lay-off people every month
Why just global markets?
Sep 18th? It is a Wed after everyone backs from Labor Day weekend. If that’s the day, then global markets can use it to remove expensive directors and MDs who can’t bring revenue in
Interest rate cuts will decrease earnings. Bank tied very heavy to consumers who are over leveraged, filing more bankruptcies. Expect cuts.
That is interesting. My team is hiring. Hiring contractors but hiring...
Which lobs?
I’m hearing September as well.
That can be changed with a bottle of cheap jalapeno vodka and pineapple juice.
Please save me a can of pineapple.
May need it later today....
😆🤣😂
Strategy has changed to reduce severance costs. Employees will be "repurposed" to a like role or micromanaged until a mistake is made so terminations can be completed.
It’s all quiet this week in GTO
Dear God, let me be me this time.
Are the layoffs supposed to happen on Tuesday Aug 13? Seems right based on previous layoffs.
Within gto? CTO?
How are people targeted? Young tech associates?
Rarely have seen middle management getting hit with layoffs. MM can dink around all day, brown nose, play politics, be completely incompetent, and not really manage anything. How else do you explain why the bank is run so poorly operationally-speaking? The people who get cut always seem to be the ones doing the grunt work towards the bottom of the pecking order. MM protects their own.
I feel like whoever posts these layoff questions is an insider fishing to see what employees know. There's never reliable information. And revenue isnt down overall if you heard 2Q report. Expenses were flat so unless OP Ex can bring those down, responsibility growth will translate into layoffs. I dont think en masse but where they can (most likely redundant layers of management). Although automation plans within each department are going to reduce how many bodies they need in the office so that will drive future layoffs.
The reason for 7-10 layers of middle management is the same reason the executives are always re-structuring the management organization charts of each group and each department. Plausible deniability for the executives in case things go south and plenty of "fall guys" in the middle for them to blame.
Is the impact limited to specific verticals?
For August, I am hearing that some, not all, MyWork Associates will be impacted. (They want MyWork Associates gone by year-end so I will be curious to see how many in August get let go.). I am also hearing that LOB cuts as well, prior to the 4th quarter that begins October 1st. Revenue is down and they need to cut expense to compensate. Contractors will replace those critical MyWork Associates.
Middle management needs to justify their existence by making endless unnecessary changes. There is no need for up to 7-10 layers of middle management.
There is still activity. It just gets deleted quick. The way we like it ;)
It is undeniable the rate of layoffs has subsided over the past 18 months. Lack of activity on this board related to actual RIF is anecdotal evidence, if nothing else. I personally expect they will return, and never really feel secure in employment at this place.
I heard from reliable source or is based on how frequent and the amount you take to p–p
Is it based on VPN hours or card swipes?
I heard directly from my manager that there are “changes” coming in a September.
It seems like this year the layoffs have just been one or two here or there. Nothing like a couple of years ago when it was widespread in each area. What does the source say about this one? Will it be one or two or are these deep cuts?
As far as it being real or not, my source has been right 9 out of 10 times.
It doesn’t seem like this is real news? Are they getting rid of the myworkers in GTO? Doesn’t seem like a real rumor.
Please give more info as known -
August 7th or 8th would be ideal.
Toronto here we go!!!!