Just chatted with a VP, I am close with. The picture he provides in grim. C-suite wants 20% savings. Expect batches of layoffs in the third quarter. VISA is no longer an American company.
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Are you joking?
@dgy yes, we have the same issue in Singapore for foreign staff who do not hold the Permanent Resident status. (Green card equivalent). Some work visa holder (like H1B) are not being renewed due to stricter immigration policies in singapore.
Impacted staff are not being laid off, they are being asked to resign and do not receive any severance package regardless of job tenure. Emails to HR, immigration partners etc are not being answered.
I have trip coming soon for H1B stamping (next month) and I am trying to reach out to immigration department (lawyers) for past weeks and they are silent (no email reply). This is little worrisome, does this indicate more chance of layoff for me?
Where is the bloodbath now?
@cwp yes
Anyone seen any layoffs??
Any more news on this?
It doesn't have to be this way one look at Visa's financials and profits and all the BS about bad quarters and tightening our belt's falls apart. This is straight up greed. The Net profit Margin expressed as a % is 54.27%... to give you an idea in the corporate world profit %'s over 12% are Fantastic Tesla & Amazon hit roughly 15-16%... net income was 35Billion Opex was roughly 12 Billion and PROFIT was 19-20BILLION... with the remaining 3 billion going to stock and other items.... so when we hit profits on nearly 20Billion don't tell me to tighten my belt.....
Time to go to old trade school Not replaceable by artificial intelligence like electrician, carpenter, plumber, cleaning services, nurses, physiotherapists, caregivers, housing construction, cybersecurity specialists, jobs that not many people want to do like farmer, janitorial services, trash collector. :)
Learn other foreign languages to become more resourceful, look after yourself and do not expect anything back from corporations. Move on
Time to go learn some HVAC. If a profitable company like VISA can't employ US employees, who else will? JP Morgan, an US bank who makes all its profit in the good old USA, employs 50k plus in India, for example.
New Admin doesn't seem to care about the outsourcing of knowledge work, instead focus on incoherent trade policies. I don't see things getting better here, not in the near term. More and more tech employees will be laid off, and more and more jobs will be outsourced. What remains will be fought over by US graduates, H1Bs, H4s, L1s, OPTs, and what other alphabet soup names of immigration statuses.
Austin and FC office employees should update resume. I have heard similar things from someone. Bloodbath is correct.
For the person who wrote “all of the sudden writes needs improvement”, that’s not how it works. Performance reviews are done annually and the process doesn’t kick off until Q4, in July. Visa has quarterly reviews but they are informal and the term needs improvement isn’t used. You might be talking about a 2024 “needs strengthening”
If your manager all of a sudden writes "needs improvement" or something out of the ordinary on the performance review, rest assure you are on the chopping board or consider it as a 'red flag'
Visa always uses fiscal year quarters in internal communications. Q3 is April- June.
Well, looking to get work permit to work in India. As you know, most of the jobs are being moved there.
If your manager suddenly places you on a performance review, should you accept it or push back? It doesn’t make sense for all these issues to surface at once.
Is ‘third’ quarter the fiscal or calendar quarter?
Operations & Infrastructure group?
O&I means what?
What does O&I stand for?
This is not performance related. Simply cost cutting. Your excellent review does not make you safe.
Do not expect any open communication from anyone in O&I.
Only O&I?
The survey people expressed concern about communication and career. Management somehow interpreted that as “give them more useless and more business updates” instead of people and operations updates.
And careers instead of give clear line of job security and allow to move within visa to be a better position, that got interpreted as “career progression “.