Does anybody know any actual numbers of how many have been laid off the past month at USB and Elavon?
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This approach reminds me of layering… in one of those bank-required trainings, they taught us that money launderers split their deposits into multiple transactions to fly under the radar. That’s exactly what the bank is doing with layoffs: avoid bad press by breaking it up into smaller events.
No surprise. Since McKinsey and Company has taken over at USB placing consultants as employees, there has been increasing pressure to reduce employees, the most controllable non interest expense. McKiney number one recommendation for banks they are consulting with is to reduce expenses (people).
It has got to be thousands. But end of year we will be boasting how great our revenue, ROE and ROI numbers are. I'm sure there will be no mention of the loss of human talent to make the short term numbers look great.
The Northern Kentucky, Cincinnati, Dayton markets are getting gutted. The consumer & business banking market president & business banking leadership was let go first. The performance coaches & digital accelerators & admins were let go. 3 or 4 Business Banking sales managers were severanced this week. Some of the branch operations team was let go. All of the business banking development consultants were also let go. They are realigning the markets and coverage. The remaining Sales managers are getting moved around and getting assigned to completely different teams.
Areas affected was prospecting group and their manager’s
what area?
No but there is a call today!! It has to be quite a few but they are doing it in stages…so transparent and ethical NOT.