Thread regarding U.S. Bank layoffs

The severance policy isn’t on MYHR, it is on Your Total Rewards

I'm pretty sure they removed their severance pay policy. I vividly remember reading and it's no longer under MYHR. I did multiple searches and looked everywhere. NOTHING. It would be just like them to get rid of it with no warning in anticipation of mass layoffs.

"Companies are not required to pay severance."
You sure about that? It's either that or unemployment benefits I thought.
That’s correct, no legal requirement for severance. But unemployment benefits will be paid either way if laid off even if severance is also paid.

@bc+1jv7www80 I was also recently moved to another team to perform menial tasks way under my experience and abilities. I’m disgusted and frankly hurt, as it makes zero sense to me other than former team members were maybe threatened by my abilities? It’s not like I’m raking in a huge salary. I’m right behind you with getting out of here asap. What a nightmare this place has been. All I ever wanted to do here was a good job…

Seems like there is a push to get people to retire so they can hire their buddies from Wells Fargo and circumvent the HR process….again.. welcome to the next Morgan Stanley, otherwise known as the resilience department.

Hope there is an opportunity to voluntarily leave in exchange for an enhanced severance. i.e. "buyout"

I estimate maybe 5% will take it. That would include people of retirement age and very high performing and marketable people.

Much better than RTO nonsense and selfishness.

"Of course it is. I'm in my 50s and they've been trying to nudge me out the door for over a year now. First with increasingly menial assignments, then a lousy performance review for the first time EVER in my career, and now being assigned to the least convenient office in town. Well, congratulations USB - your evil ways worked. I'm outta here ASAP. I can't wait to put you and your miserable tactics in the rearview mirror."

Sorry to hear. You deserve better and hope you find a place that pays better and also appreciates you.

"Companies are not required to pay severance."
You sure about that? It's either that or unemployment benefits I thought.

Definitely a tactic but nothing stealth about it. They don't outright say it but don't try to hide it either.

Severance dollars aren't peanuts. Certainly not for a bank (stingy entities). Add to it the high salaries of those around for a long time or hired during the bo-m a few years ago it makes sense to push people out and re-hire for those positions at lower current market rates.

Companies are not required to pay severance.

Of course it is. I'm in my 50s and they've been trying to nudge me out the door for over a year now. First with increasingly menial assignments, then a lousy performance review for the first time EVER in my career, and now being assigned to the least convenient office in town. Well, congratulations USB - your evil ways worked. I'm outta here ASAP. I can't wait to put you and your miserable tactics in the rearview mirror.

Agreed, the sooner you accept you’re a liability and not and asset, you will be happier.

I am a liability. I am selfish, I am Greedy, I have no friend. I am lowly in GK caste system. I accept money from my overlord and I can feed my family. Thank you, thank you for the job. Thank you, as I say wearing a suit and a tie in my cube, talking to other team members on team while dude next to me tell me to stop talking so loud

After Oct 24 layoff in EFCC and audit, offshore of financial spreading, and GK aggressive cross-sell push, us bank future scandal will not be stealth like last time. No WellsF argo to take up spotlight.

It’s only EVER about money at U.S. Bank since the day RKD left. RTO meant selling real estate = money, not taking care of the buildings anymore = more money, people getting mad they have to go back to the office so they quit = even MORE money, hiring people at a lower grade/less vacation and no pension yet again MORE money. The sooner everyone accepts that we are liabilities not assets the happier we will be. Do your job, accept YOUR money, go home and enjoy your life.

yes obviously and of course it is cynical. Why do you think they included workers who were hired as remote in the RTO mandate.

It doesn’t help them dodge severance payments. I’m not aware of any law that requires a company to pay severance in the first place. If USB wanted to avoid severance payments, they could just cancel the severance program and tell everybody to pound sand.