Nothing confirmed, but rumors abound about a workforce reduction target of 10-20% by EOY.
Dust off those resumes lads and lassies
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@a9 - That’s utter B.S. They literally opened a new office in NYC last week.
TOS is a dumpster fire. Middle management thinks working means attending a lot of meetings and contributing absolutely nothing to anything. Frontline workers are pulled in every possible direction and moved around like checkers on a checker board. Never getting to know any area deeply.
@k4+1jxzad89c I just wanted to say thank you for being kind enough to voluntarily offer to be laid off. Wishing you a happy retirement!
"They will never do this. They want to keep who they want to keep and don't want to lose workers who are more productive and lower paid, in cheaper locations. I retired recently and since I was close to retired, last year I asked management if I could volunteer for lay off in order to save others from losing their jobs. I was told "it doesn't work that way". In years past, during periodic lay offs they "did it that way". I would have been expensive to layoff so that is probably part of it also :-("
@gf They will never do this. They want to keep who they want to keep and don't want to lose workers who are more productive and lower paid, in cheaper locations. I retired recently and since I was close to retired, last year I asked management if I could volunteer for lay off in order to save others from losing their jobs. I was told "it doesn't work that way". In years past, during periodic lay offs they "did it that way". I would have been expensive to layoff so that is probably part of it also :-(
@f8 this is the standard MO. Notify around the 15th then you’re done the following month around the 15th. That’s what happened to me and many others!
Offer a voluntary separation package, and they will hit their trim target immediately.
@ez Technology and Operation Services (TOS)
@f8 That's been the plan since 2019 on the Elavon side.
@em what tech group
The play book seems to be mid month notice with a 30 day lead time.
Where in TOS?
We had 25% of our team given notice today so maybe these figures are not far off. TOS group
MN tech worker here. Was just noticed today, working through July and then done. Many others were also given notice today as well. Good luck everyone.
Alot more to come as the over 40 employees are let go in WCIB. Dust off your resumes. The bank could care less about you unless you are a fresh out of college butt kisser.
@aj its actually closer to 17K
There were 10K laid off last year, apparently that wasn't enough.
@a9 I have insider information and have been on senior leader calls and can confirm everyone is getting a 20% pay bump by EOY.
See, anyone can make something up lol.
@a9 This is so patently false and obviously made up it is truly hilarious.
Given the focus on RTO and hub strategy, I find it unlikely that they’d close everything outside of Minneapolis. I’d love to know any more information about where you heard that or more context.
Maybe it posted early because of the holiday?
@a9 are you CRE, heard through HR, leadership calls?
More context is appreciated!
I think it's happening sooner than later.
I recieve early direct deposit which normally posts on Wed or Thu.
It posted today already, making me think they are working hard to make a final.pay for layoffs this week.
@a9 Maybe, just maybe GK will get lost on her move to MN!
@a9 All?
I have insider information and I can confirm that all office locations outside of Minnesota are permanently closing by EOY. Only 30% of the remaining staff will be allowed to relocate to Minneapolis. Just FYI
10K+ jobs will be impacted by end of year from what I am hearing on senior leadership calls.
this bank will be in complete disarray by EOY. GK is like a pyromaniac playing with matches. hoping to leave the dumpster before then.