I heard through the grapevine that there are two more large scale layoffs coming at the end of March and June. Severance is being given, so try to hold out.
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Well it's March, any more info on possible end of month lay-offs and where they will occur?
there are many layoffs in UK as well, they cut across the board but more savagely than I have ever seen before.
My team is down 50%, plus a director who was 'evacuated' in the 12/31 wave, and a manager on the way out the door. When I put in my notice, we will be down >60% since December.
Who cares? They wanted to play hardball with their employees. Let it burn.
I wouldn’t count on severances being given unless you were granted one before 12/31. They’re used all of their M&I money for those 2021 reductions. And that ended 12/31.
@irg are you saying your BU has not experienced 15+ % reductions?
Sorry folks, I have seen my BU budget and there is a planned reduction but nothing near 5% a quarter. Not even close
With the BU consolidation, expect layoffs.
Agree with @eca. In my BU we WISH it was just 15/20 percent we passed that months ago some teams are down near 40 or more percent. Lets spread the word about Clover! #CloverStory
As has been stated before, Frank is aiming for a 5% headcount reduction per quarter. If we start in Q3 2021 and run it forward, (Q32021, Q42021, Q12022), we get a headcount reduction of 15%. Doing the math from 44,000, that currently puts us at about 37,000. This number has been mentioned in other threads. We're right on schedule.
I would anticipate another 5% respectively in Q2 and Q3 2022. If the trend holds, that would get us a 1850 headcount reduction in Q1 and a 1750 headcount reduction in Q2.
If you care about career longevity, it's time to seek greener pastures elsewhere.
That’s like predicting the sun will come up tomorrow