By December 2019 lots more cuts to come to VP and MD levels. They have a quota to meet with that 8,000 layoffs by 2020 and they are only 40% there, so between now and 2020 there will be huge cuts. But I hear the next round of layoffs is targeting the over paid do nothings at MD level. And VPs with few to no direct reports.
Anybody else thinks that nearly 5,000 cuts before the end of the year are too much?
@Post ID: @11gQtgJn-Utlm
Funny since the layoffs have been going on for 18 years, I thought everyone with 10++ years of experience were already let go.
So the only staff left are the ones with 1 to 10 years experience, and the very very over bloated
mid to senior level mgmt
BIG layoff coming....especially to people there over 8+ years....get ready
yes, more cuts coming for the management that did the actual laying off....so if you're an SVP and you laid off people, your number is about to be called. I've seen a good amount of senior people over the last year and a half get laid off, AFTER they laid off the lower level workers.
Karma, what goes around, comes right back around.
Too bad they did not cut the useless MDs and VPs who are highly overpaid workers, instead of
the constant cutting and outsourcing of lower level workers.
The real workers who actually work and produce results for the company.
I heard SVPs and up are getting cut in next round of layoffs....
probably a around 500-850 by year end and then steady cuts throughout 2020.
brace for it.
They should have starting cutting there, instead of gutting out the low to middle level workers who actually did work and produce results.
8,000 was/is to be achieved through layoffs, retirements, and people that leave to find other work. SSB has only disclosed its layoffs. They may be a lot closer to their 8,000 staff reduction target than we know. Since their reduction target was announced in 2015/2016 a lot of people have left or retired, so don’t get hung up on knowing half the equation.
No amount of cuts for the do nothing MDs or the VPs with no direct reports would be too many.
Lots of excess at both those levels still to be cut and it will look good on each and every one of them who for so many years laughed when those around them were cut.