Do we think there will be another round of layoffs in 2023 and if so when? Last year they had another batch in August.
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next round, late June (after the USAA birthday celebrations the week of 6/20) 1 - 2%, mostly P&C, P&C still has to trim more than 15MM in expenses this year (it started at 34MM)
next, next round - window is mid-Oct after the 9/4 RTO date for NMC comes and they review attrition.
Check your scorecards on employee retention/attrition: If attrition is lower than the threshold listed, expect management to push it upwards as a way to improve PTI by thinning the herd. Stay frosty fam.
To the person who posted about another round of layoffs in June and then a massive layoff in September: do you have any idea what areas will be primarily impacted? I am really struggling mentally with this constant worry of if I’m next on the chopping block. if there’s a possibility it is going to me, I’d like to stop working 60+ hours a week now, stop doing all the extra work, and actually enjoy my summer. Will the next few rounds be based on performance or will it be targeted to remote people? The “culture” is so terrible right now.
If there’s anything I’ve learned, everything said on this site about RTO and layoffs, has been 100% spot on.
There was a huge reorg in bank, where majority of bank departments will report to Lindsay Sacknoff. Which means it could be the 1st domino to fall for additional layoffs in the bank later this year. Notice that is 1st domino to fall, because I whole heartedly think, Wayne is trying to make the bank as lean as possible and attractive to eventually sell it off to Chase, BofA or some other bank that is deemed to big too fail. I don’t see the bank being around 5 years from now, if even that.
Ask a friend in the bank. It’s so massive / sweeping: too much to explain here.
What was the reorg in bank? I hadn’t heard anything about that
Today we saw the 1-2% cuts. June will be 1-2% again (slightly higher).
We also saw a massive reorganization in Bank.
That reorg is laying the groundwork for a huge layoff in September. If we don’t have enough attrition, upwards towards 1,000 employees impacted in September.
Would also suspect some sort of hiring freeze for certain job profiles / areas. This will push more remote employees out (more shuffling and they won’t have a chair + they won’t be able to post to a hybrid role).
Yes, there will be more, and more than just one.
I think they will wait after RTO is implemented. See their attrition to make a new round of layoffs.
That’s my opinion, I don’t know sh-t what EMG thinks or do. However, it will make sense to do it that way.
Previous posts in here have mentioned mid-June.