I've heard a few people mention layoffs on 4/19, does anybody know more about what that could be about? Friday is a weird day for layoffs (mostly they take place midweek, Tuesday through Thursday) so I'm not putting much stock into those rumors, but it doesn't hurt to ask.
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The 4/19 layoffs was not a surprise for many impacted. They knew from a month ago.
Did not hear of any layoff Friday or this entire week.
@1vsa+1s4LhP5b Getting rid of a site near Sacto, distributing materials and work to other sites
Let's be honest here. USB, HR and the legal team know what they are doing to not violated the WARN Act. It will never meet the requirements. They hit the soft spot and move on until the period. Reality hurt like he'll but can't do anything. Take the package and walk away. Don't invest too much. No longer a good place to work.
This is considered a mass layoff and US Bank did not appropriately file notice in several states nor give the required minimum 60 days notice to employees under the WARN Act. I highly recommend reporting the violation to your state’s WARN Act department.
Consider yourself lucky if you did get laid off with some sort of severance. The ones left to carry the load are the unlucky ones that will be churned and burned. And then tossed away like yesterday's trash. This ship is going down.
As someone said before, market conditions, inefficiency, missed results, delays, failures oh and technology big bets that failed, are the reasons for these cuts. Remember we still owe MUFG $3B plus .
So many layoffs. Can someone summarize what department and locations all had layoff. I haven’t heard a single person have been lay off. Of course, I only know from people posting here since they don’t announce layoff
I can confirm layoffs as I was one of them today.
Credit Administration had layoffs yesterday. Not sure how many.
This is insane how many people they are letting go this week. No wonder they wanted us to RTO, probably hoping people quit
Two week notice layoffs for contractors. Calls on clock and managers tiptoeing around this.
a handful of middle managers were given their notice 2 weeks ago that this friday was their last day. A few i thought were untouchable, given their years and dedication.
contractors are being laid off -dcs
Today must be the purge. Getting rid of people in Boston, Houston, Los Angeles. Anywhere else?
Yes, we got about 500 people we need to let go. More to come soon.
Entire cash team at Boston office was let go yesterday
Payments-Elavon is getting affected today as well. 7 people that I know of so far
Andy just told the analysts in a call that there will be more layoffs.
So I guess not enough people quit when they forced RTO , so now they will have to pay severance since their RTO plan didn’t work.
analysts.
"We're not going to give a 2025 guide right now because it's so volatile in terms of what rates could be," said CEO Andy Cecere. But, he added that the bank expects an improvement in the second half of 2024 and is working to lower expenses to counter NII headwinds.
How many people and what department did Wealth management layoff ? Just Houston and Los Angeles people?
Wealth management got told today. Don't know exactly how many people. Houston and LA hubs affected.
So what departments had layoffs this week? Seems like a lot of people posting they were layoff this week but don’t indentify departments.
Were they remote or not part of hub?
There were layoff today, I cannot say which department though. Not allowed to divulge that info
Do they pay you 2 months for 60 days notice? A bunch of co workers had accessed removed but they still got paid for 2 months for 60 days notice .
People were told two weeks ago (I am one of them) and put in an active non working status. All their access was cut off. 4/19 is the elimination date
It doesn’t matter what day is it. Layoffs are bad news for many of us!
Many companies prefer to do layoffs on Fridays, as it gives a time buffer for the remaining staff to adjust over the weekend.