We have 7 SLTs in our area. The average base cut is 40%. Not looking good for January folks.
26 replies (most recent on top)
Don’t worry folks. We not in tech have no clue how to use this junk, so only a matter of time before those who were laid off get a groveling phone call to come back and fix it. AND that is when you double your salary, inject guaranteed severance, and a min bonus amount every year…because that’s what you ended up getting with your new job that you love!
Still fear-mongering... you only need 1 employee to be a "manager" here.
You need 7 employees to get the ESAT manager report.
Let's do some math... 40% of 7 = 2.8 employees
Ok, so let's be generous and round up.... that' 40% is a whopping THREE headcount.
(so yea, maybe sux if you're one of the three, but I digress...)
GT still as bloated as it's leader (aka Jabba the Hutt Star Wars twin).
Am sincerely sorry for anyone impacted... not fair to them, nor their families, but that group is seriously poorly-managed. DEI in action there. Cull the herd starting at THE TOP!
He ran Consumer Banking/Retail into the ground, and BTM expects a different result here? Yea, just keep moving these losers to different seats where they have NO experience.
D-mbness in action.
Sorry should have been more specific. The base cuts are in GT as a result of the 2% increase in cost this year. And yes it’s 40% for some SLTs in this area. It’s labor and likely mainly contractors but no way contractors alone will hit the base reduction.
Most likely getting fat bonus into their f$*#%€g fat pockets in the name of cost cutting
Most likely replacing everyone with folks with H1B visas.
As @3jyf+1vVF5TOc says, 40% in any single division would be unprecented.
Yet, if any area could pull it off, it would be Global Tech which is as bloated as its leader.
Huge division and still can't make stuff work.
Agree, contractors are the first ranks we are usually asked to cut. Then, we just re-hire them 6-24 months later, depending on the parameters we're dictated by HR.
I am not the OP, but I suspect GT is Global Tech - Aditya’s team. I can’t imagine a scenario where there is a 40% BASE employee headcount action across a technology team that broad. I understand initiative spend perhaps decreasing as regulatory work declines with the new administration- but have to ‘keep the lights on’ with base spend.
Having been at the bank over 30 years, I’ve seen contractors hit disproportionately, but never anything remotely approaching a 40% employee action. I find that highly doubtful.
What is GT??
LOB is GT and its headcount
I wish there was some truth to this. I would love to be cut and paid to leave.
Will be more than happy to be paid out to protect your seat.
And I have lots of friends willing to do the same.
If they are planning packages, they should just put up a Volunteer Sheet.
They could easily get to whatever Target they need by lunch time.
"Base" cut of 40% to What exactly? Base "headcount"? Base "salary"? Base "budget"? Base "expenses"?
You are F.O.S. This is so wrong. Totally bad info. Shame on you!
I'm a B3 too. 25+ years at this company, so I know some sh!t.
If you'd said YE Comp ("bonus") down 40% and specified which LOB(s), I might believe it. (Mngt is peeing their pants about expenses in the absence of any real growth. There is only so many accounting tricks one can do to please analysts.) Would not surprise me for units under pressure, but I don't see any performing THAT badly this year. If fthey are, it's quite isolated. Certainly not everyone.
But you said "Base". Base what???
- Base headcount cut of 40% = never gonna happen. They can't stomach to bad press. Not enough HR team to even process that much redux.
- Base salary cut of 40%? = never gonna happen. See #1.
- Base "budget" or base "expenses"? Yea, that's possible for certain underperforming areas I supposed, but not realistic. (been there, done that. We were asked to cut "budgets" by 40-60% back in the 2001 Credit Crunch. But we did all that without cutting headcount nor paying out any packages. Simply zero'd out ALL travel (which is not happening now>) Pulled client events to bare bones. No new hires. Consolidated our real estate. A lot of ways to trim a ton of fat around here before you get to the pay and people parts,)
Today's environment is nothing like 2001. (nor 2008 for that matter)
With the Republicans and Orange Man back in charge, regulatory environment will soften. Capital requirements will come down. There's your expense savings right there. And that's just off the top of my head.
OP - stop fear-mongering. How about you get some Real Data, Understand what the F you are even talking about, and BeTransparent. (You sound like one of loser managers all the people on this board complain about.)
And as one poster said -- why not? it's Anonymous!
40% bonus cut for B3’s translates to 60% cut for B4’s and 100% cut for B5/B6
Great. Seems like the more we make, the less we get. Why? What is going on?
40%? So roughly 80,000 people? Ha! That’s laughable! This place would seize up like a square wheel and would be out of business in a week. No way that is even remotely possible.
I think OP is talking about bonus amounts. But who cares when they’ve already cut that out in general for the last 5 years.
There are so many that want to be laid off with long term tenure. The bank should ask for volunteers so that those who may be targeted for layoffs and want to keep their jobs can do so and those that want to leave can do so as well.
Op has no real info.
OP can you provide any additional information? It's kind of cr-ppy to make a post and then ghost everyone especially when it pertains to layoffs
Today our team leader (ML3) requested his 4 Business Support Leads to provide a list of our responsibilities. Sounds like a cut is about to happen to one of us.
Oh well. Sounds like a company that doesn’t recognize when it’s hit an unsustainable peak in revenue and will make the age-old mistake in cutting expenses (talent) in its attempt to show growth YoY. There is a reason JPM is top dog and BoA is not (and falling, evidenced by recent downgrade in risk bucket of too bigs too fail)…. No bail out next time.
Cool. Meanwhile, 20 people on our team just booked a bunch of travel for a meeting they can do via wevex. So d-mb.
Base budget cuts don't really mean anything by themselves. It is all about the total funding pool for a group.
Well this post did nothing but insite fear. If you truly had real information you would’ve said LOBs or otherwise. Posts are completely anonymous. Posts like these start rumors that may or may not be true for Jan or next December.
which lines of business?
SLT is senior leadership team of any large corporation.
To the original poster, 7 SLT -- 40% cut to what, headcount? Got a line of business, or org, or anything?
What is a SLT.
What lob?