Is it just speculation, or is there actually some truth to it? A lot of us are feeling really anxious about the possibility of losing our jobs, so it would help to know whether these rumors have any real basis or if people are just going by last year’s numbers. We can reasonably expect more cuts - that’s the way it goes - but 10,000+ again?
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@24 While the bank is not legally required to offer severance, they choose to do so for select roles as per their own severance policy. No one is forcing the bank to offer severance. They are not going to stop offering severance when it is used as deterrent to prevent employees from suing the company for wrongful termination.
FYI:
In most cases, companies are not legally required to pay severance.
Seems to be quite the common misconception here. I frequently see comments along the lines of “executives are trying to p**s employees off, so they will voluntarily quit, and the bank won’t have to pay them severance“
Every action the executives take is designed to accomplish a single overarching mission: motivate people to voluntarily resign to avoid severance costs. That's it. You now know everything up need to know to be a bank executive in 2025.
Likely to come in July is what I was told.
It's out of our control, so focus on what you can control and do good
Work. Have your resume updated just in case, learn a valuable skill, and just be prepared.
There are no valuable skills anymore.
My friend got laid off just last week from Dallas Irving branch
AI has taken many jobs and they have only started to roll it out. Learn skills that AI cant easily know. Good luck!
It falls on AI and outsourcing. Most people will get a pay bump if they can do more than one job role with AI. Those who don't and slacking (plenty in the org) will be impacted. Notice the number of mediocre middle managers leaving in droves, they see the writing on the wall.
Layoffs are expected across the organization and its subsidiaries over the coming months, with the most significant activity likely occurring between mid-July and October.
The bank is taking a range of measures to preserve capital. These include capping new job offers at 100% of the salary midpoint rather than the previous 115%, continuing to offshore certain roles to reduce severance liabilities, and implementing changes to the 401k match policy over the past year.
Start working on your resume if you are anxious about the possibility of being laid off.
It's been foreshadowed in many all-hands calls and QBRs at this point. Expense management is the name of the game, and GK will keep cutting staff to boost numbers to boost stock. If anyone is surprised at layoffs, you haven't been paying attention.
It's out of your control, so focus on what you can. Have your resume updated, learn a valuable skill, and just be prepared.