Received notice that my voluntary move to a specialty location was denied. I was outside the 40 mile commute. Before all those locations were revealed many months ago, they got lists together of whom would be within 40 miles. Those were told to mandatory return to the office from remote already. The rest will be laid off and backfilled (when applicable) with someone within the 40 miles. No exceptions, period. I was told I was on the layoff list, just unknown time frame. Anyone who thinks or has been told they are an exception to the rule are fools.
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Don’t let a manager blow smoke up your @ss and make you believe you’re an exception to the rule. They are just using you to ramp up India etc. You’ll still get laid off in a non hub. But at this point even hub folks should be worried if they are positing your job in India.
And what if you want/need to move to a place that is 40.1 miles away? IIRC all moves must be approved by your comisar....errr...manager.
the 40mi rule only applies in situations where the company is changing your location or if you were remote and are assigned a location. If you are in a core location and always have been regardless of if you are more than 40 miles you will be fine, but if you have been assigned to the office 10 miles from your house but your group wants everyone at the office 50 miles from your house or they shutdown the closer office and reassign everyone to the farther office then the 40mi rule may apply and in some instances you could initiate it.
Timeframe is known. Actual time is NOT known. For instance, for commercial employees in Ops, by end of 2026. For consumer employees in ops, by end of 2027. For CSBB, 2027. This is in the emails, folks; I have read many of them. Timeframe is known. Is it fair to be under the layoff watch for the next 43 months? ABSOLUTELY NOT!!!! They should get it down to quarters at least.
From my sources, (some good, some bad) the WFH types will mostly be asked to leave in 2024 OR be asked to return to office. There will be stragglers in 2025. This is assuming you live in a core location (within 40 miles).
Yes, there will be exceptions. Just because you were not one does not mean it doesn't exist. But, there will be limited exceptions. If someone can do your task and they live in Charlotte or Minneapolis and you are in Sacramento, you likely should know you are not irreplaceable. On the other hand, bond traders don't live in Sacramento or Minneapolis so they will have their roles in NYC.
Some (limited) people will be asked to move - many won't move. Some people will not be asked to move but backfill hiring will be in Charlotte or Dallas or Phoenix. If you see your posting in Dallas and you live in Sacramento, you should ask about moving while paying for it on your own, taking the large pay cut, and continuing if the interests you. But it really doesn't matter if they have chosen you- it is done. The decisions on who to offer the move to or not is likely from last year and can't be changed. Is it smart? ABSOLUTELY NOT!
You don't have to like what I'm saying, I don't like saying it. But truth is truth. Only the core city folks will survive the next few years with very few exceptions and all will come to the office 3 days per week minimum (accommodated wfh folks are another story that is unknown to me but evidence points to them still being in a core city).
Just another half-baked idea designed to blow smoke up Wall Street’s a$$ and distract from the asset cap conversation. It’s time for new risk leadership. DF is the last of the Stump cronies still around.
Just another excuse to outsource/contract/downsize. The rule doesn't apply to all, but then again most don't. What's going to be interesting is to see how many OC+2 and up types get termed due to the "40 mile rule". Some other groups have received communications of different 'acceptable distances' as well. As usual with WF, it's a total cluster.
It’s comical how they’re telling us to post for another role in a hub city but won’t let us just move on our own and keep the existing role.
I told colleagues who were remote to go back to the office ASAP (that was in 2023).all of them said they would wait. They all got laid off.
The time to make your own choice is gone.
Most of the time you'd be right, but they are all over this. They actually have a team dedicated to this.
Wake up. This executive team couldn’t implement something like this if their life depended on it. They will botch it then abandon the idea. Rinse and repeat!
I am so exhausted by this unknown timeframe.
39 miles you are good, 41 miles you are not, even if willing to still commute. Sad part is that most people tend to keep driving until you find a place you can afford and in many instances that could be well over 40 miles. Best of luck to you when the layoff does happen.