US Bank employees need to brace themselves because the layoffs are coming. If you think it's going to be the MUG employees you would be wrong it will be US Bank employees.
22 replies (most recent on top)
@x6+1jk5g99gg what's the source of your payroll numbers?
"They are targeting grades 14 and above. People with healthcare and dental insurance are also targeted."
This has been the pattern and have been noted before..don't know why the OP was downvoted unless we have people in denial...if you over a certain age, maxed out your grade, your insurance payment is more than you paid in...be mindful
What’s KYT?
"I am bracing myself for when they take my pronouns away. "
May I suggest these pronouns for your future usage: clown/clownself
As of January 2024, the USB payroll had over 84,000 employees. With approximately 72,000 now reflected in KYT, this suggests a significant decline in headcount, whether due to voluntary or involuntary attrition. A reduction of 7,000 employees in Q4 alone isn’t implausible, considering that figure accounts for workforce changes across all USB entities, including USB, Talech, Elavon, and others.
According to KYT there were 72900 employees and now it's 70,200 employees
July it was 11600 contractors and 11,444. Today.
Again it is according to KYT.
7000 in q4 is not realistic
I am bracing myself for when they take my pronouns away.
They are targeting grades 14 and above. People with healthcare and dental insurance are also targeted. If you have a plan through your spouse, you are put in a different bucket and safer. In other words, benefits are expensive, and they are looking to save on costs to help pay for the Union acquisition and to boost the stock price. I would begin looking now if you haven't already. It really doesn't matter if you are in a hub or remote. It's all purely expense and total compensation package costs.
Pure nonsense and people stoking the fire. 7,000 in Q4 that is absurd. People come here and troll.
@mw+1jk5g99gg You can easily calculate that figure by comparing the overall employee headcount at the start of each year. From January 2024 to January 2025, there was a reduction of 11,000 employees. While some of this decrease is due to natural attrition, the majority results from layoffs.
Easily 10,000 as 7,000 were in Q4 itself. Of all the d-mb decisions Andy made acquiring UB tops the list. This has impacted long term USB employees in ways that were unthinkable even 5 years ago. UB employees are not to blame for it but it is human nature to feel bitter.
10,000 layoffs since Union Bank closed? Yet not one Warn notice. How did you come to that number? Crazy
It’s not about hating MUFG employees... it’s about the acquisition itself. USB’s decision to purchase Union was a mistake from the start. They made a poor investment, wasted countless hours and dollars attempting to convert the customer base, and ultimately had to take out a loan despite claiming they had the capital to support the purchase. Fast forward 12 months, and every business line is now being forced to cut jobs just to offset the costs of the MUFG acquisition. Since January 2024, over 10,000 employees have been laid off as a direct result, impacting teams across the organization and further highlighting the mismanagement of this deal.
This seems to be another hate post against MUFG acquisition. Previous MUFG employees (now USB employees) were not too keen on being bought out either but here we are. There aren't any mufg employees any.ore, it's all one team. The hate against MUFG folks is disgusting. Even during the last round of layoffs in 2024 there were plenty mufg employees that were packaged out. Stop the hate.
It's been just over 5 years when I was laid off along with 3,000 other employees bankwide from US Bank in 12/19, just before COVID-19. Worked there over 13 years. I had a 1.75 year contract job after that but have been struggling to find a decent long term job. My age doesn't help, either, unfortunately.
Adios! Overdraft fees will be cut from $36 to $10 come October....who US BANK gonna steal from THEN??
@cj+1jk5g99gg Well said. Any chance you would tell us the L2 to that L3 you mentioned?
These beatings will continue until morale improves. Dark humor aside (that feels like real life), the bank leaders feel the company is doing well. But Wall Street, hedge funds, and the like, well they disagree with AC. I'm no expert on earnings reports but it looked ok to me. But I (and you) don't matter. We are just workers.
It's all about how the super owners (the people who hold 50% of the wealth in this country) and the people they pay (hedge fund managers, analysts) feel. They hire people on the board to hold AC accountable for THEM (not us).
So the bank has to increase revenue and cut expenses. We all know, the bank can't force customers to give them the revenue growth they need. But they CAN chop expenses.
It is hilarious though. Cut a team of 10 to 5, tell the 5 they have to do the work of 10, AND find time to find ways to make work more efficient (it costs money to change the bank). Teams get behind, cut corners, we start missing things and fail more audits. The super owners demand short-term big results. Long-term doesn't mean sh-t anymore.
The dark side of Jack Welch cut throat version capitalism is alive and well. When the power is on their side (e.g., terrible job market for employees), they go gangster on us workers. When the power is on our side, they don't even notice and just tell the managers and employees who are still around "it's your problem not mine".
Bottom line: until the stocks improve in a sustained way, there will be a 1-2% cut each quarter. I know of one Level 3 leader who was assigned a "goal" to find 3% expense reduction by end of Q1. If that 3% goal is across the bank (could be, I don't know), out of 70k employees, that's 2,100 employees axed by March 31.
Now, add to that the chaos Trump and Musk are going to do to our economy. They are Very pro-"super owner". But hey you all wanted him. LOLOL.
U.S. Bank "Powered By India" here we come.
Perrett and Associates Private Investment Firm LLC is will is willing to buy back the shares to save company's job dilemma.
Is U.S. Bank in financial trouble? Do I need to consider moving my money from that bank?
Layoffs are never ending. I am just taking things one day at a time. I refuse to let this job stress me out. I go to work, do my 8 hours then I am done for the day. Just keep your resume updated, keep upskilling, and build that emergency fund.
Been bracing for 6 months and when you focus on other ways of making money, your health, your family...bring it on