Anyone heard when MMB layoffs will occur for the front office credit teams? I thought I heard it was going to be this week but Tuesday seemed to be the centralized teams instead.
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If youre laid off, Company needs your severance (salary continuatiin pay) to kick in before 12/15 to avoid having to pay your 401k match....so they will be sure to give you that 60 day notice by 10/15.
Imagine overseeing all these layoffs after previously leading the company's mass hiring 2-4 years back. Charlie is like Rudolph Hoess
Mass layoffs are always timed 60 days before the close of a payroll period. Keep in mind payroll periods end on the Friday before your payday. So in general the mass layoffs are every other Tuesday, and at least up until July it appeared they were targeting only the second Tuesday of each month.
I think July is going to be a larger than previous layoff month as we know they already had a significant round of layoffs on the 11th which even managed to trigger a WARN report in Orlando. Previously the company kept layoffs small enough and spread out enough to not trigger WARN reports.
We might not see the peak layoffs until September or October. The company will have a BIG push to layoff as many as they can before October 31st because their current policy (current employees feel free to verify this as I did) is that if you are laid off after October 31st, you will still receive your bonus (discretionary incentive pay) the following February.
I expect that policy will also be changed later this year to take effect for 2024 plus of course there's rumors that severance is being dropped from 2 weeks to only 1 week per year of service next year.
The only thing we can truly count on however is that Santomassimo notified investors the company will take a significant charge this year related to severance packages. So regardless if 2024 is bigger or smaller in layoffs, we know 2023 will be the most layoffs the company has done in decades.
MMB is under as--ult from Consumer with their threshold for Small Business being raised to $25M in revenues....expect other cuts to account for the transfer of business over to SVB.
A lot of credit services employees were let go on Tuesday. I think some in-market credit people were as well, but not as many. Portfolio services is being completely phased out. Specialized industries credit appears to be unaffected.
I heard merchant services was effected
I work in front office credit MMB - we had a few get let go on Tuesday. Layoffs were targeted at the portfolio manager level.
Not sure about commercial banking but I know for a fact CRE banking is not getting cut at all except a few admins. The CRE bankers are actually all getting large raises to stick around. Crazy how CRE banking never gets touched no matter how bad things get.