Scuttlebutt is that in June we'll see more layoffs. Anyone have reliable info abt the scope and nature of these layoffs, assuming they are actually happening? Thank you.
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Any additional details on the May 16th layoff announcement @Wayne’s Bi---h?
More details please on Bank AML rumors to half way validate what is being posted.
I'm really wondering if it's going to include an office closure this time.
@4umo+1mlnhvLV Details or GTFO.
Major layoff announcement on May 16th.
BBIA
In LinkedIn, Wayne posted an article on USAA FSB being the No. 1 among all US small banks. And there were tons of disgruntled members who replied that the company stole their money etc etc. It was so shocking, but anyway, my point is Wayne must be very proud of USAA FSB getting that status, bank is protected?
Yes, heard the same about Bank AML going bye bye. Meetings are already happening. Don’t know the date though.
Last summer the bank got hammered with layoffs. The BOD is hoping this RTO mandate leads to massive resignations to avoid severance pay. Like a recent comment on this thread, I think Bank AML gets massacred, the amount of people in that area and the salaries most of the external hire got just to come over.
Bank AML this fall will the sla-ghtered. Mark. My. Words.
That’s what I’ve been told as well
BOD refers to Board of Directors
What is BOD?
Thank you
The recent cuts in ECIO were the big June layoffs. Dates got moved up. There may be a few more here or there, but not like what just occurred. BOD now hopes the RTO will whittle things down through attrition.
In ECIO, many of our talented engineers and directors were recently laid off. It was not performance-based, rather, importance of the role. They did not have any warning of what was to come, so everybody was caught off guard. Of course they could have applied to new roles after finding out but there were almost none at that time. And yes, we're hearing of June layoffs in ECIO, and more to come. It will be a game of musical chairs for sure. It's always best to leave on your own terms than being laid off. There's a bad stigma of someone that was laid off.
Management in many areas has been asked for performance review info. Specifically looking for those that are on corrective action and likely to be let go soon. This is for line of sight regarding layoffs. They don't have to lay people off if they are getting let go for performance. They would rather lean into the performance to let people go before they have to pay severance. There is ABSOLUTELY more layoffs coming. What, when, where to be seen. But more are happening and in-the-meantime, leaders have been advised to go all out on performance expectations.
I think it depends on the numbers. If revenue and costs are good, we may avoid further layoffs each quarter this year. If the numbers are bad, expect more reductions. I think attrition from the RTO mandate might be a factor as well.
The beatings will continue until the morale improves.
Bank said they are hoping attrition runs it course. P&C said they will continue to "make adjustments"
I have heard jack sh-t about additional layoffs. They are hoping that attrition will run its course.