well I was just called by my manager and my manager's manager. they read off a script and told me I'm laid off effective immediately. I will be paid for 1 month and 1 month of health insurance. what a way to find out especially with the amount of money RJ has in the bank.
64 replies (most recent on top)
Insane tech issues today across many departments and branches
allegedly a bunch of IT people got laid off? and today all the client access systems are down, is that coincidental or who is the sour grape?
Raymond James, let me describe what a G-E-N-E-R-O-U-S severance package is: 1 MONTH for every YEAR of service. A former company I worked at gave workers that in a layoff. Yours is a joke.
So sorry for everyone who was laid off. I survived the 2013 layoffs but left on my own terms a couple of years later. When I left I was a 20+ years employee and from the sounds of it, would not have made it through these layoffs if I had stayed. The first set of layoffs targeted very knowledgeable, long term employees. Sounds like this was the same and Paul Reilly does not like employees that have been there longer than 6 years. The severance package sounds worse than what was delivered in 2013, it was one week for every year of employment. So very sad, if both of TJ's boys have left the firm then that was a BIG sign of failings for their father's legacy. The sentiments in 2013 and the way the layoffs were conducted in 2020, sounds like the same script as 2013 but a worse severance package. Wish everyone the best of luck and keep your heads up, there are jobs out there.
Bella and tash brag online about the additional $2 billion to their existing $877 in client assets and have deleted every comment openly criticizing their tone deaf behavior.
Companies who care about their workers offer recommendation letters, ample time to sort out business and contacts, let you know who to contact when seeking new work. At minimum, apologize with some genuine feeling. Nothing but coldness here.
The best part was the memo was where it said they will not do any further layoffs. But they said that earlier this year. Nice way to erode trust.
Also got laid off yesterday during a cold Zoom meeting. I did not expect that because in a way I believed in the "family culture" and families stay together during difficult times. I was hoping to keep working at RJ, keep doing a good job and retire in some years. Sad for us and business as usual for RJ today.
I just want to remind EVERYONE.....
What happened to all the savings from the Corporate Tax cut to 21%? Do any of you understand why those tax breaks don't do p–poo besides give TOP Executives bigger bonuses and salaries. One day we'll learn, but it never really hits you until you're impacted. SMH! Corporate Greed.
Now you know.................
Not just IT. Vp and svps at the bank too.
My dad was laid off yesterday and he's crushed. I wish you all the best.
Some associates, including management, recieved a heads up and knew about it prior to 8/27.
I had a Zoom meeting at 10am with my supervisor’s manager’s boss. I was told I was laid off and can expect a severance package on Thursday. I am a single householder. I worked in Asset Management Services at the home office for nearly 4 years. I was told to apply for other jobs with the company if I wanted to.
At least the person credited with ruining RPS and New Accounts is finally gone.
Awful company unless you are high up. I didn’t even last a year when I worked there, I had to get out because of how awful the management at all levels was. Feel sorry for those impacted, the company could have easily held off a while.
I got cut too after 4 years here. As someone else said "So much for Paul saying we are super stable and have lots of cash, and no lay offs planned."
Someone sent me the link to this site. Some sad reading. At first I wasn't going to comment but I've been stewing all day since I got the word. It was a 3 person zoom call with my manager and the next higher up. My manager never once looked up. The other manager read from a piece of paper. He then asked if I had any questions. I told him I was shocked and angry (what else would I say). He said there would be more information in the severance package coming to my home and then abruptly ended the zoom call. I had about 5 minutes to send a few messages and then first my laptop locked up and then email on my phone disappeared. no way to say good bye. On top of that most of my contacts on my phone were via Outlook so they also all disappeared. My manager has yet to even call or send a text. I don't wish ill will on any of my peers but hope management pays a big price. I just want the stock to say up long enough for me to sell my RJ stock once I'm severed and it is in my hands. I just hope the severance is what is alluded to in the email that I had to get by sneaky ways.
Raymond James chairman and CEO Paul Reilly said in a memo to employees. “While 5 percent or higher job cuts may be an annual exercise at many firms, at Raymond James any reductions are rare and are never taken lightly.”. Hahahahah, What are you talking about???? Paul, you laid off 20% of the Korn/Ferry people in 2001 (google it) and had 2 layoffs at RJ already (April 2013 and Sept 2020 google it). Paul, you average a layoff every 6 1/2 years under your leadership. How the hell is that "rare" and "not taken lightly"????? Did your pants get on fire with that statement?
Like a Todd Ferguson type a–hole or a Saddam type a–hole?
Tom James, Do you have any balls anymore for your company? Do you care about how it is run and the reputation it has any more? Paul laid off 20% at Korn Ferry (Aug 2001) in the first 12 weeks of his start as CEO. 2 Layoffs in 7 years at RJ. He doesn't care about people. You put an a–hole in there. RJ is now a layoff company to be avoided by good people. A c-ap hole company of last resort to work for.
PS. Worked there for 14 years and left when Bella and Vin started to run IT. Saw the writing on the wall.
They did NOT target single-income households
https://www.tampabay.com/news/business/2020/09/15/raymond-james-to-lay-off-4-percent-of-workforce/
forget about the WARN Act. To fall under this, they would have to lay off at least 33%.
HOW can anyone survive off of ONE Months pay plus vacation payout plus 80% if holiday bonus??? The severance is ONE weeks pay for every year???? Can Paul C Reilly’s DOG survive on that kind of dough???? Nope-
This is horrible. I’m sick
So how does the WARN act work with this in FL?
: https://www.dol.gov/agencies/eta/layoffs/warn
https://www.tampabay.com/news/business/2020/09/15/raymond-james-to-lay-off-4-percent-of-workforce/
?
my department SVP said 10% layoffs across the firm
I don’t think single income households were targeted. Many employees with families were included along with managers and project leads who were nearing retirement.
What’s the rationale behind targeting single income households? Those households would be greatest impacted if their sole source of income disappears
A lot of ODET was impacted.
There were many, many managers impacted, all the way to SVP.
How many managers were laid off? Oh that's right...zero.
severance starts after the month. so you get your one month just like you are working then the severance and year of medical. that's what my mgr said
I received the same message in am as well via Zoom. My direct manager had no idea. Compliance Ops and Admin affected as well. Its probably 4% across the firm.
RPS, Customer Accounts, & ODET have been affected.
According to an inside source it's over 300 so far. I was in management and got the boot this AM. One month severance....not very helpful for a single mom. Beyond stressed.
Any one know how many were cut today?
I was also notified this morning. and ONE MONTH severance? Oh yeah that is the "generous" severance they told me about?
Yup single income sounds right
Single income households seem to trend where I have heard of others
Holding out for 5 weeks vacay when the feel it hit and the pendulum whooshes in the other direction
not just IT I am Admin and I just got the boot as well....they said huge reduction in workforce across the board. My direct supervisor said that NO layoff's were planned and to just calm down. My coworkers are also getting these calls. I have no way of knowing if my teams are eliminated. I am in shock. They seemingly had no affect while calling and taking out my livelihood and affecting our holidays and life plans. Just cut and dried and so cold. I am hurt more than anything else...nobody said 4%, I heard HUGE cut back in workforce.