The last week of the month always seems to be the one when at least one group is hit. It might not be a major round, but I'm betting you something is coming.
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Last year Mike Santomassimo didn't warn wall street that they were taking an exceptionally large financial write-down due to the cost of severance. However a couple weeks ago for the company's Q2 earnings he just issued such a warning for the Q3 and year in full earnings.
That suggests higher layoffs this summer than last year, and probably higher than the first half of the year since the financial warning was only just issued a few weeks ago.
I agree that this theory is very reasonable. The only problem is that the exact same thing read predicted last summer and it didn't come to pass. Sure, the layoffs continued, but at generally the same methodical rate they already had been. My guess is the execs would love to do exactly what you're saying, but they are too incompetent to execute it successfully.
I heard tech is affected.
The way the bonus plan is set up, if you are an employee on October 31, you get the bonus the following February. Since the 60-day notice still counts as an employee (on leave) that means in order to avoid paying the bonus, the company has a special motivation to get as many layoffs done before September 1st, thus 60 days before October 31st.
The July 25th layoffs are going to be heavy and the August 8th and 22nd layoffs are going to hit probably harder than any other layoffs in decades, at least for WF.
Good news is that if you survive past August 22nd, you will (maybe) have a good chance of making it through the end of the year and getting both your bonus and the 401k match.
For those saying Aug 8th. What LOB/Area?
Non hub and raising my hand. Please release me from the cave of shared services. Please……
Being laid off from that HE||hole would be a blessing in disguise!
Have been hearing Aug for a few months now from people in the know. Non-hub remote.
I don't care. however, in unrelated news, could we start the next pandemic already so I can work from home again? you know it's coming...
What does the pre-notification email look like, what lob?
We had a team meeting (HR) this morning where Aug 8 non-hub displacements were confirmed. Not everyone all at once. My team, for example, has several non-hub employees and my manager said none are impacted on Aug 8.
Sure hope it’s me, plan to retire in q1 after bonus, but if it ends w package that’s my preferred option
Yup. I just received pre-notification of August 8th wide spread layoffs for non-hub locations. I was looking for a new job anyway.