Almost No one is safe. Unless you’re in a low paying (cost of living) market. Layoffs continue to happen bank wide if your position can be replaced in another market for cheaper, including over seas. JR “self exit” speech didn’t trigger enough “silent quitting”! Now the bank has to pay up for severance prior to fiscal year end to balance the margins.
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Chief Risk Officer
Ageism is alive and well at the bank. Replace the experienced and knowledgeable with cheap foreign labor.
Where can we find the severance document?
Severance is based entirely on pay grade, time of service and local laws. The severance document is on the intranet for anyone to look up. You can get an idea of what you would get if you get laid off.
In my area it was purely a cost exercise; not sure if that was true everywhere. There was a target number for “savings” and the cost of resources(contractors and employees) had to add up to that. Lower paid employees had a better chance of surviving as a result. Multiple teams were consolidated under single manager and a few high earners from teams were cut. Performance wasn’t a factor at all.
Higher performers tend to get paid higher so some of our better employees were just let go.
If I may ask, how many people across the Org have been laid off, how did they decide/choose someone over someone else, what was the process followed, how much severance package has been given
Who is JR?