Bonjour les amis.
Ever since the original post on 12/3 and the news attention that followed, there has been an influx of bad faith posters (executive leadership) on every subsequent post addressing the RTO situation. I wanted to take this opportunity to organize and present my fellow employees with some facts about PNC, its leadership, and the financial aspects of this move.
It is no secret that many large corporations have been enforcing RTO mandates as a "soft layoff," hoping that these no-exception policies reduce enough headcount to avoid the potential bad press of an actual RIF. With PNC specifically, there are some additional financial benefits they are kind enough to pass the cost off to you!
Out of the 55,000 people employed by PNC, 11,000 are local to Pittsburgh and its surrounding areas.
They own a large chunk of downtown Pittsburgh between Tower, One PNC, Two PNC, Three PNC (like a Dr. Seuss book of tax evasion!), and Firstside.
Additionally, they own many of the parking garages, which cost nearly $20/day or $180/month, and the food courts ($10 salads, yay!). PNC also receives a kickback due to its role as the primary bank of nearly every business in the area.
Simply put, there is a direct financial incentive for PNC to enforce an RTO mandate on all employees in the Pittsburgh region.
I mean, can you blame them? With the economy the way it is, they must be taking such a loss just supporting our poor souls.
In 2022, total revenue was $20.64 billion; $20.75 billion in 2023; and $20.77 billion in 2024– a 10.77% jump in Q4 of last year alone. Any "loss of productivity due to remote work" is a classroom rumor rather than anything based in fact.
Let's take a look at employee experience. We see a stagnant wage growth with 1-3.5% raises and pitiful bonuses, leaving us poorer year after year as we watch cost of living costs skyrocket; additional stipulations being put on employees to reduce rising through TSR levels; terrible health insurance that costs more out of pocket than any job I have worked in my life for the lowest high-deductible plan; and a worse 401k match and retirement plan than any other bank.
How are our fearless leaders doing? Well, in 2024 (public information disclosed by PNC filings)
William S. Demchak - 23.7 Million
Chairman and Chief Executive Officer
Robert Q. Reilly - 6.8 Million
Exec. VP and Chief Financial Officer
E. William Parsley, III - 7.8 Million
Exec. VP and Chief Operating Officer
Deborah Guild, Exec. - 5.4 Million
VP and Head of Technology
Alexander E. C. Overstrom - 5.3 Million dollars
Exec. VP and Head of Retail Banking
As you can see, they are also struggling to get by.
The question is posed: What is there to be done? Do we just shore up our resumes and start applying elsewhere?
If that is an option for you and it leads to a better life, absolutely. But for those of us that can't nor want to give PNC the satisfaction of a successful soft layoff to compliment their acquisition of First Bank, there is a better way.
Unionization is the only way we will ever take back any control over how this org treats us. Complaints to management fall on deaf ears because at a certain level those complaints will always be drowned out by another multi-million dollar stock option. HR is there to protect the company, not you. They will not give a damn about your life situation or even doctor-recommended accommodation to continue your WFH lifestyle.
Management is getting scared; they are avidly searching for people interacting with this site or posting about the RTO policy online. While you should protect yourself, remind yourself that this fear stems from the effectiveness of unions and the bargaining power that can be gained from a collective.
Don't suffer alone. Don’t fade off quietly as you watch what you have claimed back for yourself and your loved ones be su-ked away by a pointless commute. You do not live to work for these people. You work to live your life. The conversations that have taken place online over the last 2 months have gotten the attention of union organizers for Better Banks.
Copied from an earlier post:
"https://www.thelayoff.com/p/@1f9+1kbjhrba6
Comment: 1f9+1kbjhrba6"
Even for those that do not care about this mandate, I urge you to join your peers and take back the profit of your labor. You have nothing to lose but your chains.
Unionize now, solidarity forever.