I got laid off along with some teammates. No reason given, nothing describing how they decided on who.
I'm selling all my pnc stock and transferring my savings to a b-corp bank with a higher interest rate. PNC made huge profits, records for the company for the last few years. If they don't respect and support employees they don't deserve our money.
I agree with you - nobody should be a customer of this bank. There are so many problems and everyone is overworked. Why would you trust your money with this bank? It is only going to get worse.
Getting laid off is never a pleasant experience. Most people have been laid off at some time in their life. It's scary at first but you will find another job. You might even like it more than what you have now. Things usually end up better than you think.
At first, there is just shock and often a little anger that you got singled out and don't know why. Just try not to overthink it and above all don't take it personal. Again, most people who have been in the labor market for a couple decades or more will have experienced it. Once the initial emotions wear off, you just say sc--w it and get on with your life and end up landing another position. Not much else you can do really.
I know that doesn't help much during this difficult experience but after a while you will realize what I shared probably rings true.
As far as personal finances, it's best to keep a level-head when it comes to your money. Even though you are mad right now it really is counter-productive to dump your stock given the 1-year target price. It's not going to hurt PNC in any way by selling your stock. This won't be getting back at them. Someone else will just buy the shares. When you trade a stock on the market, you can't sell without a buyer on the other end. The only thing selling your stock will potentially do is lose you profit. Unless you need the money it makes no sense to sell it unless you had somewhere more profitable to park the money and PNC stock is a good performer. I do not work for PNC or have any relations to them. I also don't own the stock. But just randomly reading this forum thought I would try to offer some constructive input.
Good luck to you. In the short term it su-ks. But you will land on your feet. This happens to tens of thousands of people every year and they end up fine. You will too. Try to remain positive even though I know it is hard at this time.
The layoffs were a part of a cost management plan, you may as well reap the benefits by holding on while PNCs stock goes up. Analysts are targeting the 150s for the stock.