Across various business units, there will be a blood bath. Have heard of cuts/layoff coming in at least 4 different areas. Lots of FTE to reduce. Hoping my 24 years saves me but what I have seen over the last week, don’t think there is much to save this guy. Time to start applying
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This isn’t over they are just on first round and they have a 5 year plan of this Enabling garbage. Brace yourselves.
Long term employees are less safe than cheaper new employees. Off shore is even better. Managers like to settle petty scores during RIFs too. Good luck to everyone, this is going to get ugly.
Severance can be up to 52 weeks depending on your grade. Minimum 26 weeks if you are a 17 plus and I think 14-16 is minimum 12 weeks.
Really curious how manager consolidation went down as well. So we saw two early retirements after meeting last week and I never heard any hints in past that it was planned .. although I also do not know them well as they are in different regions than mine. I can't help but think that especially at the higher level this is how the bank reports way less level of layoffs just give these guys bloated severance packages and bust them out of there. If it saves jobs of direct reports though who are actual contributors I can't complain.
I personally think there will be more because the managers who were let go had direct reports. If there are less managers needed then there are less assistants needed. Plus the business banking side hasn’t had many new loans in 3 years and many customers have moved there relationships to other banks with better hours and rates. We are so conservative it is hard for small businesses to get loans at us bank.
Severance caps at 26 weeks regardless of years employed - this change was announced early this year.
Someone with 20 years experience need more than 26 weeks to find a new job
How is the severance package at Bank? It is one week or two weeks per years of service?
Years of service don’t matter. They let credit managers & senior Vice Presidents with 30+ years go on Wednesday.
you have 48 weeks of severance then. Take the money and run!
- 5 years for me...doesn't matter. I'm just a number.