Reading this forum and seeing conflicting November layoffs dates! Unless you have specific and reliable information on layoffs please don’t post about layoffs dates. Are you a manager with a list of employees to lay off this week or next week? It’s not a game because layoffs are not easy on impacted employees and constantly posting conflicting dates can cause anxiety or false sense of security, if folks think they survived a false layoff date.
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It’s highly unlikely that we’re going to be running out of poor performers here. Just look at the illiterate and innumerate employees here on most all of the posts.
The S&P 500 closed at 3,557.54 on November 20, 2020, and 4,547.38 on November 20, 2023. So that was an even bigger increase of over 27% ...
Nobody holds the Dow. It’s a historic and now meaningless benchmark
Look at the S&P 500 for the past three years and come back with your tail between your legs. Now that’s a modern index.
@lion, The DOW was 28,204 on 11/1/2020 and Friday it closed at 35,009. That's an increase of over 24%, Mr. Cash.
LOL… so how much did you enjoy keeping your money in the Stock Market over the past three years? It’s value dropped even faster than the new high end $55K “good deal luxury car” LOL.
@akfx, your cash lost 30% over the past 5 years due to inflation. Even if my portfolio lost 30% today, I'd still have millions.
We aren’t a Fintech by a long shot, but we are likely to be acquired by one or more as they fill in gaps in their offerings.
The voice of the clueless who have yet to experience a true market and economic decline. It’s now been 30 years since 1993, the worst decline since Black Friday, so I’d say that you’ll likely be learning a life lesson.
Cash is always trash until it isn’t.
Impacted manager turns out to be a clueless prankster. Strange hobby you have…
@9vyn, I've only thing I've learned from you is why the average IQ in the US is only 100.
I explained that you should utilize credit to manage cash flow without sticking cash in a shoebox where it loses value.
You’ve learned quite a bit from me in a quick time. Now go back and understand why you should not have stock market assets in an emergency fund.
Thankfully our family has survived two extended layoffs due to an emergency fund which was in cash only. Trust me you’ll be hunting this advice down and likely soon.
We have far more posts about layoffs than we have actual people layed off.
OP
What is it that you need enlightenment on? Not sure what questions are still outstanding
@2fou, why would you start yet another thread about layoff dates? There were already no fewer than five of them started in the past few weeks.
In regard to the original poster wanting to know about automobile financing, you need to think about We-Buy-Any-Car or used cars, in general.
Agree! Your original post was hijacked by convos about financing cars. SMH. If there are managers that know anything more about next weeks layoffs, please update us!! Thanks!!
I am the original poster of this thread about November layoffs: why has it divulged into impolite exchanges between commenters about car loans? I need management escalation!
MANAGERS with insider information: please take back control from trolls and enlighten us more about next week’s layoffs and its details!
@1fwq+1plKrJLT; credit union is not exactly for me. I move to a different city in every 3 to 4 years. So, locking up my 55K in a credit union is not my style. I need a bank is more nationwide. Also, pay a car loan for 72 months mean I have to deal with the same dealership after I move to a different city, which is a hassle. Living in different cities and trying different local food and traditions is my cheap hobby.
@2ztr, I didn't make fun of anyone. I just pointed out facts.
My last Lexus depreciated less than $12k over 3 years. A bottom of the line Toyota Corolla would depreciate $3,740 over 3 years according to caredge. That's a difference of $2,753 per year.
Compare that to the price of season tickets for baseball/football/basketball. Or a golf membership at a decent club. Or a new bass boat. Or going to a concert every month. Or even owning a puppy.
Sure, you'd have to factor in increased auto insurance, gas, finance charges/opportunity cost of your equity, but those other hobbies have as many if not more additional expenses to consider. So yeah, driving a nice care ( multiple times EVERY day) IS a cheap hobby.
driving a nice vehicle is a pretty cheap hobby.
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Haha. & you made fun of others finanCIAL IQ.
@1lup, enjoy your catchup meeting next week.
I suggested some expensive HR employees to EC to go in order to save costs. Truly did. Here's hoping.
@1eex, the dealer had nothing to do with the loan and I negotiated a very good price.
@1vgc, my credit union is my slave since I made WAY more money with that $55k than they did. And the LOAN was $55k, the car was quite a bit more expensive than that. I had a trade in but financed the sales tax. And driving a nice vehicle is a pretty cheap hobby.
How much do you think a HNWI should spend on a vehicle?
@1ktw+1plKrJLT, when you finance a car for 72 months, the face value of the car is higher, they profit from the interest. When you pay in full with cash, you can negotiate a lower face value at the car dealership. The car dealership knows time value of money, so do we, the consumers.
1ktw+1plKrJLT
Don’t be a slave to the lender bud
& 55k for a vehicle. Talk about poor financial IQ.
@nnp, it might make sense to pay cash for a car now, but the last decade rates were so low it would have been a pretty poor decision. I could have forked over $55k for my last car but it made more sense to finance it for 72 months at 3%. My PAYX stock pays more than that in dividends plus it's doubled in price. Hard to believe some of you work for a financial company.
BONY a Fintech LOL. Buying a Fintech and destroying it by dragging it back to the 1980s is a failure.
Are these posts legit? Should Wealth Management be expecting layoffs next week?
@1sdi+1plKrJLT
Speak for yourself? It wasn't a hypothetical question
YES YES YES - Paperwork in BNYM has become a nightmare. Sometimes one wonders whether we are a FINTECH
audit should top the list, all overhead and weak auditors who just push paper along and pretend to work... just saying
Does anyone have information about whether Audit will be impacted by the layoffs next week? It sounds like it's across the board, affecting ALL areas? Thanks for any insight you have.
Really don’t think that we’re going to issues with “What happens when you have a solid team with no performance issues??”.
Just saying…
This is assuming you haven't already exhausted and subsequently lost all your poor performers. What happens when you have a solid team with no performance issues?? Then you're left choosing the worst of your best? It's unfair to all involved. And with them making us do this for so many years now, many managers are in this boat.
@khc+1plKrJLT here - for me I did not choose.. my manager's manager did. From what I understand there was a recommendation made to them and they countered with another option, which ended up being the person who was chosen to let go.
They did not indicate who original choice was (for all I know, could have been me lol)
I think it's different for each LOB depending on working relationships. This person tends to make a lot of decisions to shield/protect us from having to do it
Yep, it’s well planned and the reason is forced rankings. Without managers taking the time to think through their forced rankings over time, it would be a horrible outcome for the Bank.
Instead we wind up with a rational selection of nonperforming employees. So what’s not to like about forced rankings?
Your direct manager selects the person(s) for displacement and then your manager's manager will discuss it with you. They might pick someone else maybe someone closer to retirement. it should be based on performance but when you have a team of good workers it's hard to pick people. The round of layoffs occurring on the 6th-8th wasn't for below expectations, this round is happening because we didn't make the budget. The set an unrealistic budget.
You’ll be all right… you’re thinking realistically and correctly. Good job!
Consider starting an automobile escrow fund . We’ve escrowed $500 a month for all car expenses and when a car dies we use it. 6 cars over 30 years… some new, most used, but all paid for with cash.
Thanks both for sticking to the point and confirming date based on your insider information. I am the original poster of this thread. When you said it’s up to managers to pick did you mean direct managers who appear first on top of an employee on my source?