Everyone on this board knows that USB like to lay people off. They somehow manage to keep the hatchet jobs out of the media while other banks’ layoffs are widely broadcasted online and on tv. What are your theories on how they fly under the radar?
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As other have mentioned, layoffs are spaced out and done in such a way that they often (legally) skirt reporting requirements. U.S. Bank is also big, but not B of A/Chase big, so they’re in the news less.
How many of the media companies are being loaned money by USB at very favorable rates in exchange for 🤐? Things that make you go hmmmmmm . Every major banks layoffs are hitting the news save for one.
It is a shame that cnn or msnbc or fox aren’t reporting these layoffs that happen with usb every quarter. And let their customers know how they treat their employees- when you get called to a conf call and get laid off with 80 others after 25 years and that’s how you receive the news? That happened over and over again in 2022. It apparently happens every single quarter and has for years.
Good to see not one but TWO Talent Consultants chime in. HR does post on here. How are earth can you justify your jobs? #hrwantsaseatatthetable #powerwordsmakeuslooksmart #expendableoverhead
U.S. Bank tends to be very strategic. They lay off teams of people (so no discrimination can be established) located at different places spaced out over time. Then after layoff notifications they will open two "new jobs" for eight laid off people to apply for.
If layoff’s are under 500 employees, they can keep it under the radar by not informing anyone including not filing WARN notice with your state. Only in case of mass layoffs companies have to inform the state and hence make the news.
They already told the analyst that they expect a 40 percent spacing from mergers, after tech, most of that savings will be from axing people.
As other mentioned, they are laying off people slowly and by departments, 2 people here , 7 people here, etc won’t make the news.
They take advantage of the distributed nature of the businesses, especially post pandemic. The business lines operate independently of each other, and even within business lines they're often geographically dispersed. If you work in California, you're not going to hear about a layoff in Chicago, or Minneapolis, or Cincinnati.
It's rare that the departures of team mates are announced, or even acknowledged. I guess it's a "Minnesota nice" thing.
Nobody cares. It's not one of the biggest.