Scared to share how I know details would out me. However managers with staff being cut got invite today for 3/14 prep communication call with a 3/19 Tuesday Notification call.
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I'm sorry to hear that, I hope things turn out okay for you. Were you expecting a Relocation Package and/or had anyone talked to you about it prior to today?
Got my soft notice from my manager today. He had no real details about severance but no relo package offered at all.
Is this still on target for 3/19 notification? Curious if anyone actually had conversations or received any information on 3/14.
I have to say that the transformation strategy of pre-announcing the layoffs, and explaining it as "efficiency" has been successful. Over the last month, the stock is 10.5% over JPM and BAC and 13.7% over XLF. Impressive...
So the divesture of Wells, in the name of "efficiency", has begun. Technology divesture started with the liquidation of the EA department. EA is an easy mark -- current expense for future stability/integration. The other LOBs will be harder.
What time is the prep call scheduled for and how long? Want to check my manager’s calendar.
If they want to save some money in Tech, fire TK, don’t layoff. Hire a new CIO for less money . But save the bucks and Fire TK and leave her with little like she has let many of us.
3/14 hasn’t even happened yet. How could it have been a pre-call? Not saying it won’t happen but it has not yet.
3/14 was indeed a pre call !! A whole office was told .. last day 3/19/24.
“I’d love to see how the f they plan to get all the work done while gutting tech.“ they believe moving to I&P will suffice. They will find short term that is not going to work and long term it will barely meet requirements.
happy st. patrick's day...
Fantastic! Punch my ticket please.
In my org they mostly riffed remote and non core people. We have a few non core that have already indicated they don’t plan to move (eg to Bay Area etc)
I’d love to see how the f they plan to get all the work done while gutting tech.
I survived Tuesday but later in the year I might be asking for a package.
Post ID: @dni+1rqHIKNt
Will the employees be on non working notice from 3/14 onward until they decide by May? Or does non workout notice start once they advice of their relo decision?
Bring it on! Pay me for 25 + years!!
The 3/14 call is the soft call discussion where employees will be notified that they have the option to relocate and in May they are required to tell their managers if they will relocate or if they opt for severance
PICK ME!!!! PICK ME!!!!!
I don’t doubt any of this, but I have to displace 4 people on 3/13. I was informed of this in Dec.
what is the 3/14 prep communication call for? will the employee be notified that they wil be laid off on 3/19?
Does it get handled on an exec group call if whole group is cut or always handled through individual call?
How does the bank stay humane through these layoffs
What has been the experience from those who have faced this either as a manager or an impacted employee
I'd agree that's unlikely. Not impossible though. Biggest 'Tuesday' I've seen was just short of a thousand, but that was probably an anomaly. In any event, 600 people is still a ton of people. If you're in one of the larger groups it might not seem like it, but my entire org is smaller than that. The impact is always small when it's someone else.
How are layoffs decided? Do managers get a say in who gets laid off or is it just everyone on your team at a non-core location gets laid off as decided by execs?
One of the most accurate posts on the board so far. Someone posted some noise a couple of days back saying that a team of 1500 had half their group cut in one day. Total garbage. Some of the more truthful posts for other groups indicated 30 here, 10 there, 50 in another area, etc. These fall in to the far more factual realm.
There's nothing secret about it. CS has been in the news openly talking about how layoffs are part of his transformation effort. Layoffs are every Tuesday that follows a payday. This is due to timing within the 60-day notice period so your final paycheck is for a full two week time period.
They published about 13,000 headcount reduction last year in the public investor reports filed with the SEC and Charlie has said they will need to cut deeper this year. It is implied they are only doing something like 24 layoffs out of 26 opportunities (26 pay periods) so if the 2024 target is 15,000 layoffs, that's about 625 layoffs per cycle.
Another person posted that the company has the capacity to do up to 1000 layoffs per cycle but that it's hard on the layoff department to process that many. 600 is a more realistic number per cycle.
Which LOB?