A post a couple of weeks ago mentioned the possibility of layoffs in the fourth quarter. Is anyone hearing anything? What about first quarter 2025?
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Yes. I hear that you are a hick.
Any other information?
Draining the swamp.
There will most certainly be RIFs at Truist in Q4. It's a fact they changed the bonus structure to 20% corp and 80% LOB. This allows them to RIF employees and cheat them out of a majority of the bonus they earned. This is a company that is he-l bent on removing long time employees in favor of either off-shore or contract employees. It doesn't matter that the replacements are clueless & have no vested interest in the success of the org. The sheer audacity of the Truist's direction & treatment of long time, loyal, highly knowledgeable employees is appalling. Truist has figured out they can offer severed employees jobs they won't accept in lieu of outright termination whereby they should be given severance of 2 weeks for every year worked. Truist is a nasty, ultimately failing organization that I will get their just desserts. I have no empathy for them.
@1dpw+1uFvMht3 I only know one from that team was let go from their Day1. But they're all around as far as I know.
I heard some have been limited in what they can assist with so I'm not so sure what that's about or a sign of things to come.
I would find a job ASAP the axe will swing far and wide
Will create great posts here
Most departments will have layoffs in Q4, as rumor is Q3 financials are not as good as forecasted
October at BBT was always filled with RIF’s. Don’t know about Suntrust so yes I’d guess that will continue. When you’ve cut nearly 30000 people and your efficiency ratio is still 58 something is badly wrong systematically. Managing to an efficiency ratio may be the ultimate downfall of Bill. Historically at Suntrust he would layoff thousands and outsource jobs and two years later hire thousands back. Same old playbook. His great fix has been an operating council of 24 which his counterparts at big banks have been laughing at no doubt.
Thanks for the info @1phi+1uFvMht3. Were any of the folks that used to be what was called Regional Operations Support let go? These were the folks that served as a go between for operations and Enterprise Tech. I would put some names here, but if I do, the post will get deleted.
So your Christmas wish would be to be forced to train your replacement, sc--wed out of severance moved to Accenture and let go?
@1phi+1uFvMht3 It was a mix of them. And I think majority of them were hBBT.
@1rmj+1uFvMht3 which item processing folks were offshored? Was it the balancers, or was it the folks that key in check information, or other?
There used to be a top notch group of programmers that supported check processing. I hear that most of them are gone now.
@1oga+1uFvMht3 A good portion of them, yes. But there are still several people onshore while the bulk of the team offshore.
Only an assumption that the same will apply to other departments where onshore team will be far smaller than the offshore for certain departments and likely to clean up for errors and outages.
It's going to very rough for many as this will cut into production quality. Those make these decisions have no idea how much they are sc--wing over the bank, employees and its customers.
@1gzn+1uFvMht3 Was Item Processing already laid off to some degree?
They have been incredibly mum on this. I know Day2 processing has already started training India a week ago.
In a couple weeks it's possible a good 25% of Day 2 will be let go and from then on more teammates onshore will be laid off just as Item Processing.
Other departments ofc will also start to see the same thing happen or further announcements of outsourcing for the short term satisfaction of cuts.
I sure hope so. That would be a Christmas wish!
Because here is where you get answers. Jfc