Everybody getting ready for the annual October layoffs? Not sure if it will be as big this year or not. Seems like they're gradually laying off people throughout the year versus a big October round, but maybe I'm wrong.
It's like sitting in a warzone, with stress all around you and knowing that a bo-b will drop on someone, hopefully it's not you. What a total moral ki-ler.
@20c if you go on inside USB there is a page that you can look for in the top links that shows a page for organizational announcements. There was one made today by risk management and it does affect Erm
Haven’t heard about ERM or ops? Who has heard this?
@1zy enterprise risk management
@1wp why would the stock price matter and not the market cap instead? USB and PNC are about tied in terms of market cap.
@1wh Quite a few Hogan developers went to KeyBank and they were given a cease and desist from poaching US Bank employees
@1zs what is ERM?
@1zs where are you hearing this? Its been very quiet today. No meeting invites. No nothing .
Ops risk and ERM just got blown to smithereens.
Did hogan just get hit?
PNC stock trades at about four times the value of a USB share, so there won't be any acquisition of PNC, could very easily go the other way, but PNC doesn't need a midwestern footprint, nor does any other regional bank, it's already a crowded but slower growing region of the country.
Regional bank c suites and boardrooms are well aware of the wall street analysts' published concerns regarding the laggard USB banking franchise, partially caused by lack of true banking leadership and focus on the novelties that cost a lot of money and don't generate revenue or otherwise move the growth needle, such that most will steer clear of any USB overtures, preferring other better managed and growth capable banking operations, not burdened with the tons of baggage USB brings to any merger/merger of equals/stock swap acquisitions.
They tried to merge with Truist last year and got left at the altar. Regions or KeyBank would be a better fit geographically.
@1f7 Truist or PNC?
@16a Calm down and don't forget to take your meds.
@ey what department?
@fs we’re going to acquire a larger bank in the next two years likely in the southeast that would put us into the 1trillion ballpark. If we make cuts and efficiency ratios decrease, it’ll look better to the regulators. They won’t see how incredibly inefficient we are at everything but our income statement and balance sheet will look nice.
@qy puh-lease! lives ain't gonna be ruined and all that sh-t. It's a fu--ing bank. The run of the mill kind. Get ahold of yourself! If this type of company is all you seek there are a fu-k ton of em out there. Go get em!
ERM, Regulatory Services, ORM, Credit, are all directly in the crosshairs. Would take the over on a 30% reduction. All of those people can just be brought back at cheaper salaries if the regulators ever decide to care again.
What areas in risk are being targeted?
Bloodbath the day after Columbus Day. Lives are going to be ruined.
This week is going to be the “calm before the storm”! Layoffs and reorganizations next week
@jz The job market is terrible and people are desperate for jobs. If the job market was better and we weren't in a recession. This company would not be a destination employer. Once the Mark market is no longer in the bank's favor. They will once again have trouble attracting the best talent. Enjoy it while it lasts US Bank.
I'm always stunned when I read here about people with jobs looking to take a position here. This s-hole is circling the drain. This is a horrible place to spend your working years. Most people want out. The ones who don't, have their heads so far up their bosses, they can no longer see.
If there was even a shred of dignity left in the entire managing committee they would ask for volunteers to retire early, verses laying off people that still need to work. That’s who they are targeting anyway, long term employees that are expensive and we remember when this was the best bank in America. It is becoming harder and harder to pretend this is anything other than a sinking, desperate ship! Do what is best for you and your family! Be as loyal to the bank as it deserves.
Not to mention there is no growth strategy. The bank is bleeding money and the solution is to “get more customers and keep the ones we have” meanwhile the people who would be doing the getting and keeping are being pushed out, overworked, or have already left. This bank is in a downward spiral so I’m not sure there will be any rehiring next year or anytime soon. A merger is imminent.
@bf They remain hubristic in their conviction that they can rehire the necessary skilled staff in the new year, utterly dismissive of the reality that their unethical terminations have poisoned the well.
@b8 Tell me you don't understand corporate financial without telling me you don't understand corporate finance.
I hadn’t been with the bank for long when a colleague mentioned there are always layoffs in October and February. Turns out October 15 was the day me and several dozen or so people in my BL were impacted given 30 days to find an internal role or be gone. I was more than happy to take the severance, my prorated bonus, and 401k match and leave.
@b8 it’s called adjusted earnings. That’s what analyst care about. Severance or not, those costs are non-recurring and valuations will act like they’re not there.
Our layoffs seem to happen around the 12-15th so just get me passed October 15th so i can feel free till Jan 2026. Or at least that's how it worked last year they left everyone alone in Mortgage world until Jan 2025.
Remote worker here being actively blocked from acquiring new responsibilities, even though I have all qualifications. I’m not even asking for a raise. The bank is 100% going after remote workers, in many cases degrading their responsibilities so that the environment becomes unbearable and you leave on your own. Take their money while you can and just stay prepared for the axe to drop.
Agree 100%
One of management’s stated goals is to grow the business organically. How does that happen when there are no people around to cultivate the growth or to service existing customers to the point where they don’t leave?
Why does everyone think that them laying off a bunch of people makes their Q4 numbers look good? They have to pay out severance and accrue what they owe for Q4, they don’t just magically reduce costs in this quarter. It’s definitely profit motivated obviously but these things certainly aren’t going to save the company a ton of money in the short term. It’s not some immediate giant savings. And it’s not like the stock price is gonna jump because they’re doing layoffs like they do every year and suddenly analysts think that will change everything. It’s long term strategy if anything. Not good strategy but still
Get me the heck outta here! Do execs get promotions? No need to answer.
If you are around in February, you should all know that there will be no promotions where people move up in grade but in the same group of jobs, if you work from home. What I mean is if you are a Banker 1, there will be no chance for Banker 2 even if you strongly qualify for the promotion, if you work from home.
Can the bank just update the so called values already because there is 1 that they do not follow at all
Yes, there is a big re-org going on in risk. They are combining groups, so there’s going to be a lot of layoffs there.
Sever me now! Do your worst! I promise I’ll leave immediately and never come back.
Put me in coach
@OP legggggooooo. We got this!!
Massive layoffs will happen as the only way the bank can hit the annual EPS is by gutting the workforce to reduce costs to keep earnings in line with expectations. Management will have a confident projection of what the body count needs to be is as they wrap up Q3 earnings.