Pls share at least which depts are already in the clear. Not all of us are close to the center of events. In any case, godspeed to those affected, and good luck to the rest of us who may still be. I hope the info that all will be over today is correct.
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What position in WCIB got layoff?
Who in Elavon?
I know of a few in TOS. I'm in WCIB and found out my last day is 11/15. There's a while group in Elavon that I heard about from someone I know there.
My position cut last week. Was in Private wealth. Know of 3 ppl in AMG cut, 2 mortgage sales mgrs in Midwest. Just sad I didn’t get Gunjan’s queso recipe as a parting gift. I will not miss the layers of teams calls from mgrs justifying their positions & the weekly out of touch mgmt emails with pictures from travel & fancy client events we never had the money to use.
Two in private wealth that I know about got let go.
Sorry, I just saw in this chat that RPS risk had layoffs
I thought RPS was going to be hit from all the talk in the last month or two. Have heard nada on that group
Significant Incident Preparedness and Response Staff?
Re: Hoover v. Drivetrain LLC, the Court concluded that the text of the "outstationed" employees regulation undoubtedly covers remote employees.
I wonder if they implemented RTO so remote workers wouldn't qualify under warn.
@1xfz+1v1WBK9e & the SIPRS group
@1xfz+1v1WBK9e CBB Risk Strategy & BLQA team
So they could layoff 99 people at 10 different places so it equals 999 total and not have to report to Warn because it was less than 100 people at each place.
There were layoffs today
From what I’ve understood, if you lay off under 100 people in one place it’s not WARN. If you lay off 99 people in 10 different places it doesn’t qualify as WARN. If you close down a place it is WARN no matter how many people affected
We do fortunately.
What I meant was, we work closely with lots of NA based colleagues, though, we are just discovering who is affected and who is not.
In the absence of any comms, it is hard to tell who is going or staying.
Warn act violations can be reported to the federal and state department of labor.
Warn Act is confusing depending if your state has it's own. I'm pretty sure it should be triggered in California. Federal is a bit wider scope. But ya know...US bank just doesn't give a sh-t.
How is the WARN Act not implemented? Hearing only 2 to 4 weeks of continued pay, severance and immediate removal of systems access day employee is informed. WARN says 60 days notice. I’m confused how this isn’t considered a mass layoff….?
@1rll+1v1WBK9e doesn’t EU have laws protecting you from such random sh-t?
When someone posts that they were let go, how does one vote here? I have great empathy for the employee but it su-ks for their family that they were let go.
I'm in Europe and we have had no comms about this at all.
Colleagues are hearing through back channels that their teams have been wiped out.
I'm in CRE and position was eliminated today.
Corporate Banking/Commercial/ICG just let at least 50 go, the majority SVPs. We are not going to acquire anything, we are desperately trying not to be acquired IMO. I have been through this at two other regional banks. I think I am ready to.downsize and “retire” early. The election results will matter, i hope business minded people are elected instead of the current babbling clowns.
Union wasn’t perfect, but clients and employees were happier when Union wasn’t part of USB. Also, MUFG kept most of the largest clients. USB doesn’t know how to service large clients.
I’m sick and tired of never having the feeling of security, calm and peace. Every year it’s the same thing… every department is always impacted, you are not immune from being rated and let go, especially if your manager has favorites. Live in CA where the bank bought the worst failing bank EVER- good luck CA employees. Thank the Union deal for USB dumping millions into a failing bank that inflated their business and consumer profile. It was all junk. Junk loans junk accounts- just junk. No wonder why the other major banks said ‘pass’ on buying Union. Clearly their diligence was more through then US Bank. You can’t buy a pig, slap some lipstick on it and say we obtained thousands of great customers and business customers to buy the market shares-
@1glr+1v1WBK9e well said except it's Gunjan's desperation that's showing rather than her wrath.
AC and GK are trying to save face after a disastrous Union Bank acquisition. I'm no finance guru but can saw the train wreck from the start. They probably thought they're leaving a legacy and now are desperately trying to save face. Pity!
Your immediate manager can not promise anyone they are ‘safe’. No one is safe. We have promised shareholders we will turn more of a profit net year, one way to do that fast….. layoffs!
Attention all US bank “family” employees. Let’s get this straight, they are not your family. These wellness days for good public media face is a joke. They at the top don’t care about you or your family. They announce great quarterly earrings but let’s face it - they are “organically growing’ based on eliminating jobs, shipping them overseas or to lower income states. They at the top bring on these overpriced analysts in NY , FL, Texas, Charlotte and more that don’t have a clue and aren’t afraid to ruin your family. They don’t care what you have done in the past or current, you are just a dollar to them. The bank was sold a bag of cr-p from Union ( great job researching that cr-ppy deal) and now are trying to save face with their shareholders.
If you think you are safe don’t hold your breath. Gunjan has just started her wrath.
RPS risk had a few layoffs of great people
TR sent an email out to EFCC stating it was CA, OR and WA with “supposedly” no more cuts but who knows if he’s even being honest at this point. He’s made it clear to several people EFCC is over budget. It seems ever since he took over the helm everything went downhill. It’s stressful and demoralizing that they feel it’s ok to hire contractors and offshore people yet solid employees with 15-20 years experience where just let go.
I am definitely convinced there will be an M&A in the works after current chief retires or replaced. There are too many FTEs cuts happening across business lines. Don’t you agree?
When is it going to be RM&C’s turn at the wheel? Does anyone have any insight?
EFCC West Coast was CA, OR, and WA, even people with 15-20+ years experience
Same. At least it’s over for me. Being on edge for months has been exhausting. It’s only going to get worse for those who survived this round. There’s fewer people to do the same amount of work plus you still have to worry about if it’s going to be next month they call your number.
BNPL was truly doomed from the start but is was all part of Kotwal's Folly, he would listen to no one and the projections of 10,000 merchant outlets and $100,000,000 in BNPL loans in 2024 was confirmation the project should never have been launched. The entire thing should be disbanded, write off the tens of millions wasted on the wholesale disaster and hope the institutional shareholders and regulators never figure out where all the expenses were booked and hidden from their review.
Two people here said EFCC West coast. Curious if they targeted those in any states in particular? Wells axed their CA employees that were the equivalent of EFCC.
I am an Agile coach in Digital. I have been impacted. There were warning signs well before today as non-technical people were asked to make technical contributions. They just did not give us enough time to get technical.
Not at all surprised about BNPL. Doomed from the start.
The Buy Now Pay Later team (Avvance) was badly impacted by the layoffs.
I was informed today that my job is being eliminated. Last day Nov 15.
Quite frankly, I'm relieved.
I feel bad for everyone who got the axe. I also feel bad for those that didn't.