Thread regarding U.S. Bank layoffs

For those who survived layoffs

Do you feel like there is now more or less room for growth after the re-org?

Or do you feel that the organization will play favorites?

Any advice on career growth?

by
| 1374 views | | 7 replies (last May 2)
Post ID: @OP+1sk0V7WY

7 replies (most recent on top)

Like always, only if you are buddies with someone will you get promoted or moved into new roles.

by
|
Post ID: @fay+1sk0V7WY

Way less. I know a couple people who were put up for hard-won promotions in March, who were told that promotions were completely off the table after the layoffs.

by
|
Post ID: @cjk+1sk0V7WY

There were some good loyal people that were let go and it’s sad. More positions are being outsourced to India. I was told by a senior executive that next year isn’t going to be any better.

by
|
Post ID: @uoy+1sk0V7WY

"...the org is more efficient and overall performing better..."

Basic Earnings Per Share over the past four periods:
'20: $3.06
'21: $5.11
'22: $3.69
'23: $3.27

Stock price is down apx. 30% since Andy Cecere took over in 2018. The bank is objectively NOT performing better if by performance you mean "financial" performance. This bank is a serial underperformer with significant leadership and cultural problems, which incidentally began when Andy and the McKinsey consultants took the reins from Richard. This bank is not performing better...it's a dumpster fire.

by
|
Post ID: @zam+1sk0V7WY

I think advancement opportunities generally will be geared towards hub locations, but there is obviously a lot of nuance specific to certain roles, skill sets, departments, senior leader preference, etc, so it wouldn't be fair to generalize that the only growth track is via hub. It's definitely more likely/easier, but I believe it will be taken on a case by case basis on many occasions as well.

by
|
Post ID: @fnk+1sk0V7WY

Advancements will only be for employees in HUB zones according to recently published internal documentation. That means if you are remote you will not be able to advance.

by
|
Post ID: @pvz+1sk0V7WY

What business line? Generally there is more or the same room for growth, but the org is more efficient and overall performing better, so it's in your best interest to see layoffs so long as you 'survive' generally.

by
|
Post ID: @bvh+1sk0V7WY

Post a reply

: