So there was more interest in what seniors do in particular how much time and aspects of our role and how we do it. Do I smell another round of layoffs now targeting seniors? Not sure but sounds pretty evident
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What you are going through now I lived through for YEARS after the first layoffs at USAA ever in 2001. A never ending reorg with sudden contractions for YEARS. I survived them all and retired when the getting was good in 2018. There is nothing about the current downward spiral that comes as any surprise to me.
Heard from a compliance friend that their team was the pilot, but that they are looking at all titles 1 by 1 and reviewing to see if there are too many or the job can be done more “efficiently” in order to cut expenses. Also keeping hearing this push for “technology “ so my inner voice says…maybe they’re also trying to see where they can replace folks with AI or some sort of technology. Obviously less pay & benefits they will have to pay out if they replace you with a machine.
The whole point of ALL of these layoffs, including the ones from last year and the next big one planned for August, is to replace “Seniors” with less expensive people. If you are Senior in years, OR pay, OR it’s in your title, you are a target. Less experienced people are cheaper and tend to not recognize their value. A person who hasn’t been in the workforce long doesn’t usually know to ask for work/life balance. They don’t know that good employers ( REALLY a good ones, not just ones that gas light like USAA) are flexible and fair. They will take the table scraps they are given and drink the cool aide.
I don't think anyone is safe in this current environment. I know in AML i have heard that we are moving more resources to Fraud 30-40ish and hope for another 20 to 30 to quit before July
They’ve already targeted every role. These exercises are being done to track what you do, how you do it, and whether you specifically need to continue doing it. Then they’ll evaluate whether someone with lesser skill set and experience can do it. If the answer is yes, then guess what? You’ll be added to the list where a senior exec gives the thumbs up or thumbs down on you.
the company is targeting any and all employees especially those in the higher end of the pay spectrum. If you spend most of your day doing more laundry than work, I would try to find some work asap. They would prefer not to pay severence.
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Basically anyone under a manager but not an analyst. Basically in the aml/KYC/investigations area
"seniors" is such a broad statement. Every area has "seniors" of some type. What area are you referring to?
Mortgage already did this a few months ago with senior underwriters.
Interest from whom? What area(s)?