After last weeks CEO & MC all-hands, any news on when May layoffs are? For people already laid off, did you receive a same day meeting request and was it at the beginning or end of the week? Was your manager at the meetingor someone higher up?
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There are notices this week, last day June. And notices mid June, last working days end of July. Tech and BL impacted. It’s already here.
I was part of the October 2024 RIF. East coast based manager sent meeting invitation out at 4:45pm Eastern time to a team with half its members on the west coast for the following morning at 8am Pacific time. Short, scripted 7 minute meeting to inform the team that our positions are being eliminated.
In my opinion this was cruel. The team spent the night not knowing if they were losing their jobs, and the west coast folks had to log into an 8am meeting.
I would much rather have same day notice for a meeting like that.
There is a consultant working with risk to identify areas to cut, and the cuts will be deep. Anyone with a role that doesn’t directly tie to an existing regulation or supervision area will be gone. That includes a lot of the data governance, data analytics, framework, reputation, and non-essential compliance people who cover brokerage. This is probably more than 100 people in all, easily more depending on how far they want to go. I personally have met with this consultant and have my own opinions about the validity of the assessments they are conducting, but it will be grim.
lump sum
Is severance paid biweekly or in a lump sum?
My layoff meeting was just me and my manager, during the time normally used for our pointless 1-1. Notified 15th of the month my job was eliminated on 15th the following month. So awkward to have to continue working for a full month. He even wanted to continue 1-1s. I was one of many in CBB.
Technology will always participate. The bank wants to offshore all technical positions.
Got a same day meeting request 2 hours prior to the meeting. It was mid-month on the 15th just like the huge layoffs last year mid-October.
BK, "have it your way....."
GK, "That was such a selfish question."
Not me. I got mine 15 minutes before I was told my role had been impacted by a reduction in force... along with 7 of my peers
The folks I know who got laid off got their teams meeting invites a day before not samw day.
Technology is all I am willing to say.
"I know of about 10 people that were laid off this past Tuesday."
Without giving away yourself can you name the org/dept?
I know of about 10 people that were laid off this past Tuesday.
The rumor is that layoffs are happening in June and July and will impact Technology. I have seen layoffs typically happen mid month. Some people seem to get one month's notice whereas others are laid off effective immediately. I guess we will know for sure later this month.
I think with all the heat they'll probably chill for a few months then during the fall they'll do the casual rounds of layoffs.