One of the directors in EACX mentioned that they have been asked to share a list of potential employees who are not critical to the team and can be let go if required. Not sure if it is bank wide or just some orgs.
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@pb That's a very common practice at large corporations in the U.S.
When I was a manager here we were asked to rank our entire department against each other. There weren't even layoffs going on or planned...it was an exercise conducted each year associated with performance and compensation planning.
I've never worked anywhere else that asked us to maintain a ranking of our employees...it was weird and as a leadership team we spent WAY too much time going round and round on it.
@m3 Enterprise Analytics and Customer Experience (under Marketing)
I'm still trying to figure out what EACX stands for.
@ek the problem with U.S. Bank is leadership started taking themselves too seriously. They have some good ideas like stablecoin services and maximizing the payments business but I'm not sure those will help the Bank compete with the GSIBs. Leadership lost their way when they assumed growth to GSIB status was the only way forward. The culture of the Bank was community focused-growing with the customers and profiting as our customers succeeded. Our society needs GSIBs (or at least the money center/commercial lending firepower they bring), regionals, small banks, and credit unions. U.S. Bank can't be all things to all customers, AND be a cutting edge fintech while eating their seed corn through mass layoffs and H1B replacement. Good luck with that strategy. Leadership is basically creating a bunch of divisions that can be plugged into the org structure of whatever GSIB or hungry super regional acquires it.
Old are the first on the list. PIP or near PIP are next. The WFH people who pi---d their managers off will make the list. Then add salary and compensation expenses. The cutting will never end. It's the only way the bank will be profitable again.
@cq Go away you nasty Dalit.
@cq not without visas
I think that’s right. A lot of the low hanging fruit will be eliminated shortly, like people with redundant jobs caught up in restructuring, people in areas not needed, or people who don’t mind their P’s and Q’s with RTO. Then there will be another round in the middle of 2026 where those cuts go even deeper, and in a lot of cases people are going to be forced to wear multiple hats just to keep the lights on. This is pretty normal and all the big banks are doing it, and most people with skills/experience will land on their feet. Just part of the business cycle, it does not feel good though, so I personally sympathize with everyone who suffers.
I don't the list is the primary choice - it will come from high-level cost-cutting by consultants with spreadsheets. In my experience here - it's always the one who medical expenses are no longer profitable to the company that are first.
I've been a manager (different bank) and asked to do a short list before. It was not enjoyable but I did it. This was around 2008 financial crisis.
Layoffs did happen about 6 months later, honestly looking at the short list that I was estimate it's hard to tell if they really used it as guidance or not.
@cq WTF are you blabbering about? And who is “we”? I’m an Indian who is grateful for the opportunity here and have no desire to participate in a “take over”. Those are for British b-ms who circled around the globe stealing for centuries. Don’t equate them to the entire Western world.
@ar My area got hit by layoffs. Yes, I agree there was a list of those people that were going to be laid off. All of the sudden the people that are being laid off in October started receiving one on one invitations with their manager. This type of meetings had never occured before. They decided to outsource parts of the work to an outside firm. Well it is amazing at least 50% of the people being laid off are older people. Most of these individuals have years of experience and knowledge. They have hired new people and shifted work around besides some of the outsourcing to the outside firm.. The message is clear. If they are hiring new employees why were layoffs necessary? Was this used mainly for the reason of getting rid of older employees? To make things worst quite a few of these employees newly hired have less experience that the ones laid off..
LOL!
lol, first reply is gibbesh written by foreigners or computer
Every manager has a shortlist, and if they say they don’t, they are lying. HR did a big push to make everyone fill out talent cards, for exactly this reason. Don’t have big bank experience on your resume? Bye bye!
@a3 Yeah, thanks for that ChatGPT AI post. Sounds like ChatGPT is not even aware that the bank is not "ahead of the 2026 planning horizon", since that effort started in August and is nearly complete. And next time, ask the bot to be more concise. That essay was way too long and wordy and the key message could be condensed down to a single sentence. Composing fancy important sounding words into an essay just to sound important is not useful.
The institution is in the process of conducting its annual performance calibration exercise (stack ranking). Preliminary indicators suggest that Q3 financial results will underperform relative to plan, driven primarily by margin compression, slower-than-expected top-line growth, and elevated operating expenses.
As a result, leadership is expected to initiate a comprehensive productivity realignment beginning in October and continuing through January, coinciding with the annual compensation and budgeting cycle. The initiative will likely involve targeted headcount rationalization and restructuring measures designed to rebalance cost structures ahead of the 2026 planning horizon.
While these actions will be difficult, they are intended to restore operational leverage, preserve competitiveness, and ensure that top talent is positioned to drive future growth.