Thread regarding Capital One layoffs

Capital One pulling out of Chicago

Rumors are flying that Capital One is pulling out of Chicago. The US CARD layoffs announced 2 weeks ago so far have only impacted the business side. Tech is waiting for their turn. Meanwhile the annual performance" manage them out" phase is starting. An over whelming portion of the latest group has seen longer term workers over 40+ being listed as "inconsistent" -- first step for a performance review out the door.

Anybody knows if there is any truth to this? Haven't heard anything yet, but I'd like to be prepared if it's true.

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| 3901 views | | 7 replies (last )
Post ID: @OP+PHoHxbA

7 replies (most recent on top)

Over 40 here and I was walked out the door after 22 years and my last rating was Strong. My dept. re org'd that morning and the announcement on it, after I was walked out, stated that a 30 something woman was taking on my job and MY job, which was actually hers, was moving to Wilmington and so I left the company. Some people think this means I quit......or was pushed out. All ratings are going to be much harder to obtain at strong or above as of now. Many will get Development plans, if you get one, take action right away and don't get mad. Notate everything, document everything, keep copies of all of that AT HOME and in a file on your laptop. Do everything you are supposed to do. Don't give any room for arguments or disagreements. Management has orders to cut staff and they will grab at any little thing to terminate you now. They are cleaning house. Be careful out there. Thank God I was retirement age when they attacked me. Now I know why a certain young Director moved out of Card not too long ago......

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Post ID: @2xbqc+PHoHxbA

COF does target older workers -force attrition . They are pulling out of Chicago and lots of VP's jumping ship -- that's a warning sign.

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Post ID: @2saum+PHoHxbA

That whole "inconsistent" rating is b---s---. I got it 3 years in a row but excelled in my position. The manager didn't like me but her favorites, who did a sh--ty job but also did her bidding, got great reviews. I was also told numerous times that I wasn't getting a raise because I already made too much money. I don't know where they get their criteria for management but they are usually bad at it. Also, managers weren't supposed to hang out or be friendly with employees. They still use the caste system.

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Post ID: @Brvw+PHoHxbA

the 3 folks i knew who were 'managed out' last month were all 45+ yrs old

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Post ID: @zpey+PHoHxbA

Inconsistent is inconsistent whether 25 or 40+. Problem is many managers and companies hold onto poor/low performers longer than they should.

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Post ID: @4rwb+PHoHxbA

Rob A does not like the 3% attrition COF has had over the last few years. He wants 8% like "Tech Companies do". Nothing new here. Make sure you stay to get your hush money before you leave. That is what they do with a mass layoff's of older workforce.

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Post ID: @3grp+PHoHxbA

I know a handful of folks impacted, all over 40, who were rated inconsistent and definitely did not deserve the rating. Managing out long-term associates while hiring new grads is the new norm and not ethical. I am headed that way myself. Be prepared if you are 40+.

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Post ID: @ajh+PHoHxbA

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