Share any updates you may have about Lincoln National layoffs? Any chatter, news or rumors?
24 replies (most recent on top)
More outsourcing to Summerfield? Hadn’t heard of that one before end of 1st quarter
UWNB? What is that? Were the jobs taken over by EXL or Mindtree workers?
Lincoln continues to shake the lives of average workers. They just had another wave of layoffs in the UWNB area.
Be more specific of what the reductions is called on the 2023 Fourth Quarter and Full Year Results
That loss is similar to Citibank, and there is published news that tons of jobs at Citi will be gone. Doesn't seem good for the days ahead as they seem to employ more people.
net loss 1.2 billion
Didn't hear the earnings call, but I did read part of it. It seems that there was a PowerPoint presentation shared there that isn't available online. At least I can't find it on the Investor Relations page. Would love to know what the "reductions" "expenses" in first quarter are. Feel like these aren't a result of just what happened the other day.
Requires a subscription, but this proves 5% reduction. https://news.ambest.com/newscontent.aspx?refnum=255991
Seems highly irregular that they have not publicized this at all. Significant impact internally.
Maybe... if the 580 people were all remote workers, they were able to get around issuing a WARN notice? Combined with lack of notice to employees and no announcement to the press...
Pretty surprised by lack of new reporting on this. It is literally discussed on the latest earnings call.
I was laid off and yes.. im scared to say anything because of the severance agreement
It is just the start of the layoff. Did anyone see their earnings call today? They took another $1 billion+ loss. Their stock is around 60% down. They are in big hole.
Will EXL keep causing cuts throughout early spring? Is anyone else feeling lots of anxiety about this? And wondering "how far" they might go in this approach?
They are outsourcing to India/South Africa with EXL and LTIMindtree
Are severance agreements scaring people from sharing the news??
I wonder why news outlets haven't picked up on this yet. I can't find anything on the web, can't find any personal posts on facebook mentioning it, etc. Normally the news is on top of these layoffs. Lincoln sold off some of it's business in December 2023 and then made layoffs last March (2023) but I can't find anything about this one. Interesting...
580 is more than what we were officially told, isn't it?
Over 580 positions were eliminated on 2/5/24
More to come?
Correct, happened yesterday and they did outsource several positions
Where did you see they are outsourcing?
Which divisions and when?
Mass layoffs about to happen in 1st quarter of 2024 at Lincoln Financial Group because they are outsourcing.