More layoffs to come in November (that's the rumor - we'll see what happens)
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A lot of process work is being automated or sent to India. I don't think layoffs will happen but head counts in different departments will be eliminated and severance packages will be given.
TIAA (test) , conversion of securities inside old plans into un needed managed accounts , Call centers , leads and WMAs
Pyramid Bonus Scheme flows up to Team managers, site managers , Regionals, and Directors
glad I left there after the NYT article.
their day of reckoning will come
2016 Schedule "G" filed with NY Insurance Commissioner. Withheld from public reporting. FACTS:
14 Board Members were paid a total of $4.3 million
10 Executives paid a total of $33.2 million
45 Senior Managers paid a total of $48.6 million
Top 10 Executives and their top 55 Sr. Managers collectively paid more than $81,600,000 in 2016 alone.
Think I'm making this up? Ask them to flat out deny it. They won't because they can't. Better yet, request a copy of their Schedule "G" and ask them why dividends and extra amounts to participants have been flat for years while executive comp goes up like clockwork.
I'm hearing it will be a slow rolling RIF (reduction in force) of 40%, all US based. They will hide some of it by "re-titling" some operations and back office positions that have a lot of headcount. They will "re-title" the job and make everyone re-apply because it cuts down on legal costs & liability for discrimination. Of those that keep their old job with a new title, they will become hourly employees if they are currently salaried.
And just FYI, There is something the company has to file with the NY Insurance commissioner called a schedule G. The schedule G lists all managers and executives with salaries above $800k. The company does not have to include the Schedule G in their public disclosures, so they don't. However, it is available through a FOIA request. I'm looking at one from a few years ago right now. They pay 42 managers more than $800k and that's before Nuveen! Ferguson has 46 million in his deferred comp account, and dontcha know, when he leaves, he doesn't have to annuitize any of it. He can take it all in one lump sum, as can all board members. Its all in the executive comp report (except for the Schedule G) That's FOIA only. Long story short, their compensation of managers is obscene. There are not 42 managers there worth more than an Ivy league president.