There was some talk about a round before the end of the year, what happened to that?
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As we end 2020 - Barb Mason protection ends. FTEs will now face cuts - not just contractors.
When will these cuts occur? I wasn’t taking notice before because it was just contractors. I’ve heard about jobs moving to Bogotá, Colombia and Mexico.
Many of us are really worried now.
It’s that time of year everyone.
In our area 2 senior directors (level 9), 1 senior director(level 9) as well 3 senior mangers(level 8) all after the bonus payout. I’m not certain which ones quit and which ones were canned. Just take care with your holiday shopping. As it’s near the end of the year we would most likely hear next year what is going on.
Does anyone have any clear context on what is going on? Will these cuts only effect level 9s and 8s? I know a lot of level 7s/6s who are worried.
The EVP has indicated that all contractors contractors contractor contractors (more than two years) will be terminated April 2021 unless they are offered FTE status.
Remember this is a bank, don’t believe anything they promise you unless it is in writing.
The 88% bonus ratio really hurt this year.
The bank is currently in its “quit period” until December 1st when the quarterly results are released. Further details maybe released on December 2nd.
If anyone hears anything it would be greatly appreciated.
Can anyone confirm the post about the VPs making the list of level 9s, 8s and contractors they will turf in the new year. I have heard about this as well, and wanted to know if anyone has any updates.
Moral is really bad right now. Employees trying to hold on and trying to calculate a potential package they may receive. VPs apparently have been told to make cuts. A few directors have said they have been asked for a list of level 8s (sr. managers etc.) and level 7s (sr. analysts etc.) they can do without. The list should be at least 8% of their team.
Contractors feel just as bad as they were told to take cuts of 35-45% of their hourly rate. Some managed to get that lowered to 20%. The bank did this to contacting as they aren’t technically employees so this would not be a constructive dismissal no matter how many years they have been at the bank.
Things appear to be getting bad here. It’s near the end of the year. We still don’t have an approved vaccine rolled out yet which we might get by September so the bank knows they have us at their mercy.
Remember the bank will eat it’s own to show a profit and to hike it’s dividend. Don’t think they are here “for every future” as they are telling us on the employee portal.
I suspect they will wait until after Christmas to announce any cuts. They don’t want to be seen as the Scrooge who stole Christmas. Keep on high alert as to who will be cut. In order to protect yourself (too late now) you need to be in the inner circle of your VP and director.
I would try to keep any Christmas spending simple. Cuts are coming - especially to level 9, 8 and 7 (maybe). More contractor cuts are coming.
Anyone below a level 7 need not worry.
More info would be great. Fiscal year end just finished. Does anyone have information on cuts to FTEs?
Any info would be great.