This seems to be dragging on forever.
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Remote work is being slashed due to FINRA regulations but it is up to the company how to proceed:
Under new Rule 3110.19 (RSL), member firms will be permitted to treat a private residence at which an associated person engages in specified supervisory activities, subject to certain safeguards and limitations, as a non-branch location for which inspections must be conducted on a regular periodic schedule (presumed to be at least every three years) instead of the annual inspections currently required for an office of supervisory jurisdiction (OSJ) and “supervisory branch office.”
New Rule 3110.18 (Pilot Program) establishes a voluntary three-year remote inspections pilot program to allow eligible member firms to fulfill their Rule 3110(c)(1) inspection obligations remotely, without an on-site visit, subject to specified terms, including risk assessments for each location under consideration for remote inspection, disqualification of certain locations, and quarterly reporting obligations.
Hey @gq+1jhzfs9vq
Yes in my LOB/OC member, NOT ONE exception. Didn’t say there would never be one anywhere, but the rumors of “oh if you are favored or have a rare skill set” are greatly exaggerated. The fact is there is not much being done here that there aren’t dozens of other people who could do it.
And, in my LOB/OC, relo was offered to every single person if they are Meets or better and not on a PIP.
I’m not speaking for any other LOBs - just posted what is the truth in one part of the firm.
“We are down > 54,000 in headcount in 5 years”.
Yes and that’s hiding the additional American jobs that were shifted to India. Way more than 54,000 American jobs have been cut.
There's always exceptions. You think Sharts remote assistant is gonna get canned? I'll believe it when I see it.
I don't think anyone has been fired for their location. Not really. If they don't offer relo as an option before you get canned, it's not about location at all. "Oh no, we'd like to keep you but we're closing that building" is a complete lie if they won't allow you to relo. All LS is is a fake excuse / justification. They want to get rid of the people. "Location" is nothing more than PR spin.
Medical remote accommodations will not exempt someone from location strategy layoff.
RE: people who were hired with remote status complaining about change-of-terms in employment. (or were forced to go remote due to facilities closing)
Here is reality. If you're high up in a company to have an employment contract - you're not even protected from something like this happening - you just have a specified payout if the company decides to part ways with you for any reason.
Having a written telecommute agreement isn't the same thing as an employment contract - it's weaker. It says (said, since they no longer exist) right on the agreement that it can be changed at any time for any reason - or no reason.
Anyone in remote status has gotten what is in effect a 1 to 3 year "notice" period. Hard to have a lot of sympathy when any of the rest of us are granted 60-90 days notice being laid off for any reason other than location.
In my OC there has not been one exception granted for location strategy, and we've gone thru 3 rounds of location related displacement. YMMV, but the swirl on this board about how many exceptions there are is just not true. it's only a matter of time.
Managers who have impacted staff are horrified by the impact. In some cases they are losing exceptional talent that will be extremely difficult to replace. But they are powerless against it.
18k left right now...
Location strategy is expected to go through 2027.
Never. It was just an excuse to lay some people off.
@at+1jhzfs9vq, so brave...
Did you guys consider that maybe OP is remote and feels anxious about whether they'll be laid off, or not?
They don't really specify either way.
@OP cry more rather than upskill and get the privilege.
Does it bother you that much? Some people were hired with that status only to have the agreements ripped up. Some people had their offices closed and were given that status. We are down > 54,000 in headcount in 5 years, per the quarterly released public documents. If it bothers you, you may be bothered for years to come as there will likely continue to be exceptions indefinitely for people that are performing and have justifiable critical skills or valid medical accommodations.