Please post estimates or facts as it relates to Metlfe 2016 layoffs
6 replies (most recent on top)
Still happening as recent as last week.
It has happened. Nov. 4, a department was cut in half. 4 people let go without any warning whatsoever. Horrible. Kandarian is doing exactly what he said.
I am amazed at some of the posts on this board regarding the dearth of layoffs since Kandarian's announcement in early August. Kandarian said there will be an 11% cut in expenses (including head count reduction) THROUGH 2019 and I believe that is through the end of that year. I believe he said it would START in 4Q 2016. START, not FINISH.
There was already an announcement a little over a month ago about packages for employees out in Japan. I know of at least 10 people in my location who have been let go in an individual fashion. So some layoffs may be a significant number in select locations. Others may be what I will call 'spot' layoffs.
P&C is in the middle of a systems replatform and it is expected that will ultimately result in some IT layoffs. Again, this will happen over time.
One thing to remember from 2013. It has been MetLife's preference to reduce the company 'footprint' in the Northeast. I suspect some of the expense reduction will be shutting down certain locations which would result in significant expense reductions and a drop in head count. Some positions may be relocated, some terminated.
Reductions are happening and they will continue to happen but they will happen slowly.
Not sure I agree with above poster saying it hasn't hit yet. We were informed 2 weeks ago that our jobs will be ending. They will move your job to a different locale with cheaper pay. Or, just completely get rid of you. This will be the first of many more layoffs.
Be patient. Many more layoffs will be coming.
From a company standpoint it's generally better (i.e. less disruptive) to have layoffs in multiple waves that are spread out over the course of a year or more, as opposed to getting rid of thousands of people in just 2-3 months.
Recall that Kandarian said that the expense cutting initiative (which will include layoffs) will be occurring over a 3 year period - 2017 through 2019.
There doesn't appear to have been alot of cuts in headcount, expenses, and for many of us it's business as usual, nothing the CEO has said has hardly come to fruition at all. Scaring everyone for nothing!