If you are mapped to USbank, brace for massive RIF's. Coming Jan 2023.
The big lie of "you will have a job at USbank" is going to be exposed.
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Both US Bank and MUFG leaders have lied to people mapped to US Bank. They have no clue what to do with those folks and will cut. US Bank is smoke and mirrors. Those staying with MUFG won’t be any better off. The wonderful smart Mickensy mo--ns are selling Kevin and Mark on cut cut cut , demote , demote. Kevin and Mark got outplayed and what has been exposed is that the leaders of the business units didn’t know who their customers were or where their revenue was coming from. They are scrambling to keep customers and revenue. None of them care about the company just their bonuses.
U.S. Bank employee here. I do not have any confidential insight that I can provide to put you at ease unfortunately . Quite the opposite, I can offer my own opinion on what is about to happen. Pure speculation on my part.
- Branch bonus structure at Union will be gone. We don’t have them in our entire footprint and Union branches will be no different.
- Union branches that are revenue generators will remain open and no performing USB Branches will close. As long as the money is legitimate and green we’re happy.
- We will limit our RIF’s by forcing people to return to the office.
Don’t buy a word that our CHRO says to you. He’s a yes man.
It is such a farce to see Kevin in a CEO magazine article. He may be able to run GCIB but he can’t run a company. He has no empathy to anyone outside of GCIB. He demands everyone work 24/7 on risk issues, he and his side kick want folks to work through holidays only to be led to sl------r and mass layoffs while they collect their bonuses and big salaries.
Maybe with a downsized company Kevin and company should take salary cuts to fit a smaller business. That will fund some layoffs.
For those of us who were mapped to US Bank, specifically who work in Risk and Control Office Information Security Governance and Oversight (NYC, NJ) is there a possibility we will be retained by US Bank? If not, when can we expect to receive the RIF's notices?
And US Bank have just communicated they want everyone in hybrid roles to be back in the office 3 days a week. Guessing they hope they can get rid of some people that way by forcing them to quit.
Many of us have seen this coming for a long time, everyone else is still drinking the koolaid. Makes zero sense for them to keep our higher paid employees. Makes zero to keep our back office people when they have their own. Makes zero sense for them to keep our branches when they have their own within blocks of ours. I haven’t heard anything about our current severance policy not being honored, but I don’t doubt they’ll do anything they can to prevent paying. Ie: accept a position 40-50 miles away or no severance. They don’t give a hoot about us, our clients or even their own clients. They’re really the worst of the worst.
In CA, if there are Reductions in Force, there needs to be 60 day notice, they can walk you out of the building, but you are still on payroll for 60 days, then the severance starts.
You know USbank, which we will be Dec 1, changed the severance to 1 week for every year of service. No, there was no MUFG grandfather.
That’s likely true, and you should definitely start looking for a job. But if you suspect you’re going to be RIFd, wait for the severance while keeping up that job search. It may get ugly, but make them pay you to leave.