How is nobody talking about this? Should I be applying elsewhere?? "Truist is undergoing internal restructuring. Sources indicate that between 500 and 700 contractors were cut last Friday in Digital and Technology divisions citing "policy concerns". Additional reductions are on the horizon, including cuts to employee benefits, further contractor downsizing, and full-time staff layoffs.'
11 replies (most recent on top)
@5ds 500-700 in one particular group. Get out of here with that nonsense.
@5ds - These 500-700 roles will not be backfilled. Seems more like a sorry excuse for cost cutting
@5ds - Deetz plz
You should really get the facts before posting your bullsh!t. Those that were let go violated data protection policy. Period. They were caught red handed.
@s2 - Agreed. Totally in favor of hiring US citizens. Overall I like the $100K H1-B visa rule. At same time, have empathy for those contractors who got let go and now forced to move back to India/SE Asia as no one will sponsor an H1-B right now.
@g3 Im personally in favor of hiring US citizens so I don't see this as a problem. There is a lot of homegrown talent being overlooked in favor of recruiting H1-Bs to save $$. The new rules even the playing field imho.
It's tough because a lot of the contractors who got let go were really high performers. People who brought a lot of value to the team. Their absence is definitely going to leave a void. Most of the onshore folks were with Truist on H1-B visas, and with the new changes in place from the current administration, things are looking pretty bleak for them. No one will sponsor an H1-B visa right now.
The better question is why would you not be looking for another job??
Truist is always restructuring somewhere in the organization. If you think you should be looking elsewhere you should be looking elsewhere. The fact you are asking screams yes do it now you probably should have started yesterday but do not wait for tomorrow. Banks will let anyone go. Always have that resume up to date and know what is going on in the market.
@op - Honestly, you should definitely start looking for other opportunities. Truist isn’t doing well at all. Just look at the stock performance this year, it’s been rough. The Q3 earnings are going to miss targets, no doubt. Meanwhile, Bill keeps feeding teammates “Purpose Corner” nonsense, acting like everything’s fine and we’re doing great and on the "offense", but it's just fluff. They’re cutting costs to try and boost the stock price and earnings. Bottom line, this place is a sinking ship!
Truist restructuring: where the only thing more unstable than your job is the explanation for why it disappeared. Nothing screams innovation like reducing headcount until the company’s held together with one intern and a paperclip. This is just another round of corporate Jenga — just keep pulling pieces until it all falls down.