With the changes in the bank severance payouts from an automatic 52 weeks to now 2 weeks for every year (minimum 26 weeks and max of 52 weeks), that signals massive layoffs are on the horizon. Michael is going to strip teams to their barebones, expect some very extremely stressful months ahead. I do think KYC/AML will get hit the hardest as they purposely over hired due to the AML consent order.
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I truly hope I get to see and/or hear about the day when USAA is unable to attract/retain talent, again. Once the job market improves (eventually) I foresee a exodus of those who have seen this org for what it is.
Welcome to the FAFO period bank smh. But please continue to think you’re special and not going to be targeted by these id--t executives.
Is the minimum of 26 weeks severance only for bank? I know the rest of the company was not getting that prior. You got 2 weeks per year or 2 weeks per 10,000 salary, whichever was higher.
we are more likely to begin Q1 layoffs.
PNC returned to profitability by increasing rates. The bank has its hands tied behind their backs with 2 broken legs, they can’t offer new products or anything of the kind. Only option to make a profit, cut expenses and that means layoffs throughout the year, I expect sometime in Q2 and in Q3 for there to be massive layoffs. If they still can’t turn a profit heading into 2026, then look the F out, they might sell off the bank and be 100% insurance only before we get to 2030.
I dont know why this is a suprise to anyone. Look at the consent order. The company is unable to expand any business offerings or customer base without the express written consent of the OCC. In addition they are facing so many additional fines and penalties for the cr-p work they have done so far and the bank is LOSING MONEY. Wouldnt be suprised if they perform mass layoffs first then spin it off or sell it to a normal bank.
The change was effective Feb 1st.
When people kept stating that the severance section of the policy was not available late last year, that is probably when the updates were made.
This change was implemented last year right before Wayne announced his retirement. It was why decided to leave USAA.
wait did the severance time adjust is this confirmed? when?
I would be more worried about mass firings vs layoffs. Things are going to get serious.