Thread regarding VISA Inc. layoffs

300+ in my tech vertical were let go, 55% of those were over 40

Although the severance package was good, actually really good, the large number of people over 40 does make you wonder. Also, on the listing of 300+, only about 60 said they were "Eligible for Severance". Why such a limited number? I thought everyone was eligible.

| 5133 views | | 4 replies (last November 5, 2016)
Post ID: @OP+KcSN5mx

4 replies (most recent on top)

Former employee of 22 years here. I was still at Visa in Ashburn when Scharf started. Employee morale started dropping shortly after. My department was gutted and jobs were moved to Miami. I opted to retire. I understand morale dropped even further since then and work environment is very different, not pleasant. Happy to see Scharf leave!

Post ID: @1fec+KcSN5mx

No growth or raise structure for most of the long term and dedicated staff

Plenty of us are convinced they just don't have a plan in place, haven't ever intended to have a plan in place for long term - cuts before pensions, it's easier to just hire in new. Eventually there won't be any old blood, no more SMEs, eventually there won't be any old blood left from the days of what made Visa a great company.

Surprised the media isn't making more noise about this, especially about the 40 to 50-year-old crowd being let go.

Over 10-30 years of service, capping sev pkg at 12 mos.

Has nothing to do with Europe acquisition, Finance plans these things way in advance "project reset" has prob been in-play for a couple of fiscal years.

Been a long-termer, witnessed many layoffs, restructures, re-orgs, restacks, renos, and expansions, blah blah blah, costing the company billions ///

What has the company actually made lately?

with its glorious innovation teams and loads of Indian men hired in as developers ...except money off of card users, where's the money?


Post ID: @fto+KcSN5mx

I've been at Visa a loooong time. And I have to say, going public has ruined the company. Before, employees and upper-echelon had a comraderie, all pulling together for the same goals. Even if you didn't agree with some things, you knew the captain had a firm hand on the wheel. And upper execs were, of course, well compensated, but not at the crazy levels of our current overlords. Take Charlie. He's leaving early. Family is on East Coast. Boo hoo. Well, we paid Charlie a $650,000 moving stipend when he was hired. It was intended to be used to move his family here. Did he? Nope. Then there was the jet. Charlie's first act was to rip out the entire interior of the jet and have it all re-done. In leather. Ka-ching. Then Charlie killed our pension last year. But his bonus went UP 27%, to $15.7 million. Clearly, he feels that he does work 1,500 times harder than the average employee, because that's how much bigger than the average bonus $15.7 million is. Then, a few months ago, Charlie buys A BIGGER JET. WTF? It doesn't even fit into the hangar that Visa just spent almost $3 million remodeling last year (also, we in-sourced ALL the flight crews for the jet(s) as FTE's). So now the hangar will have to be made bigger. Top it off with the SEC disclosure that last Friday, when the layoffs were still going on , Charlie sold stock and cashed in to the tune of $68 million. Also, same day, an SEC disclosure seems to indicate Visa registering another $90 million in "deferred compensation". Probably for Charlie. So, to recap: Drives employee morale into the ground. Closes one of the 4 buildings Visa OWNS, while at the same time blowing $90 million a year in rent alone to keep the SF office open because he couldn't stand to tell his Wall Street cronies he worked in "Foster City", at the same time, opening a Palo Alto office in the 2nd most expensive real estate market in the US; while laying off hundreds of experienced, tenured workers and flushing hundreds of years of institutional knowledge down the toilet, while cashing out and, counting the bonuses he's already earned in his 4 short years, taking around $200 million back to NY with him. Wow. There's a record to be proud of.

Post ID: @wmk+KcSN5mx

In my group, 3 middle managers all laid off with exemplary employment reviews and records. Those younger and with "partially achieved" ratings survive. Same experience here as others. Phone call with manager and HR. Ridiculous script read. Severance 1 mo. Per year of service. All have term dates of 2/5/17. They are trying to be generous with terms but disproportionate number of those effected 40+. With many again 50+. Visa is a BS company where political connections and a** kissing advance your career more than skill, effort, or results. Totally contrary to brand image but it is true. Such a lame company with no culture or direction. So long Scharf. I hope the board pushed you out given your lackluster performance and historically low ratings. Avoid as employer.

Post ID: @mct+KcSN5mx

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