I know there were layoffs yesterday but there is very little information available on what happened and how many were affected. Does anybody know about what was hit? How bad it really was? And most importantly, is it done or can we expect more in the next few days/weeks?
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The large market client group (sales and account development) was gutted. 2020 revenues for this group were down massively as this group is tied to large companies and dependent on them traveling. This dried up when COVID hit.
That said - getting rid of your revenue generating positions when you need revenue seems highly counterintuitive.
GMNS, GCS -sad week at AMEX, lots of tenured and talent let go. Some top performers (not based on performance), lots of midwest/southern positions eliminated. Heatbreaking to see so many good people going.
I know the us merchant business unit was one of them.
Big hits in sales and account management for the Corporate Card business. Lots of layoffs. Unsure how many more there will be.
Everyone seems to be in danger.... unless you are very good friends with Terry....
Does anybody know ANYTHING about what was hit - I wish I could edit my original post.