I've been hearing that there were even more layoffs today. Can anybody say what was hit and how badly? I'm getting tired of this whether it's true or not. My stress levels are through the roof and even unsubstantiated rumors make me go into a panic mode. I don't know how the rest of you are dealing with this, but I'm not handling it well.
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Layoffs in support functions as things are being centralized at corporate (finance, compliance. Severance depends on your grade and tenure. Grade 4-13, 4 weeks minimum, 52 maximum. Grade 14-16, 12 weeks minimum. Grade 17 plus- 26 weeks minimum. One week per year if service if less than 15 yrs. Two if more. If you have AIP and LTI that is prorated, depends on grade what you get.
Commercial Real Estate - major reorganization and layoffs are part of it. No numbers or roles announced.
Credit Managers, credit people and all of credit plus jobs were cut! It is stressful and overwhelming plus they are being secretive about the cuts!!!
https://twitter.com/TheLayoff/status/1537500157180137473
Another big layoff in progress at Wells Fargo https://www.thelayoff.com/t/1hgI9wY6 or @OP+1hgI9wY6
There were Citi layoffs recently. I wander if this a bigger industry trend, maybe anticipating a recession.
Also, more outsourcing? Now they realize these jobs can be done from home, so why not move them offshore, right?
It's really sad to see what's happening but I am afraid it'll be even worse as we are just starting to experience pains related to the inflation and the FED fighting it.
I just got the email and default operations maybe next
What does the severance pkg look like? I have heard 1 week for every year worked with cap at 1 year. ???
Any word of layoffs in TOS Payments?
Retail CRO? Is there that many people in the chief risk office?
There have been layoffs every day this week in multiple departments
Yes… I heard 1000 people being cut just from Retail CRO alone….
Business Banking yesterday. Operations managers, admin, project analysts, digital accelerators, etc were told on Monday
In consumer lending or another area?