Does anyone know about the total number of layoffs that occurred last week?
Seems like the next one would be at the end of September, since we’ve had them in March, May and July now.
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Last week the numbers were at least 10: the P&C Change team was eliminated and now the project team is doing change management, several in the bank trans card area, some in SDB and HR.
Or sorry, the meeting is Wednesday
No, but I see that the employee meeting is tomorrow so I’m guessing it would be any time this month. They wouldn’t have a bunch of layoffs and then have the meeting - there would be too many questions:)
Has anyone heard a rumored date for the August layoffs?
If you make more than 100K, you are 100% going to be looked at for the chopping block. The poster about 6K jobs is correct; however, it will be a mixture of forced attrition and layoffs. Problem is, they haven’t gotten the number from forced attrition as much, so there will be high layoffs throughout the rest of the year. If you’re a remote worker who makes more than 100K, you will be looked at as well.
They are not looking at the people and their contributions; it is purely based on money so they can get their bonus and show the board that they’re making strides and “improving the culture” while doing so.
August will be bad, then there will be another tone dead employee meeting, then there’ll be a smaller one in September. And then they will see how many people left through attrition and layoffs, and continue with that song-and-dance for 6+ months (small layoff, looking at attrition, then large layoff).
At the end of the year, they will present to the board that they were able to save money and cut costs. And get a bigger bonus. They will say that they saved money by getting back into the office, and that remote work was a reason why they lost money since they would have to pay more money to remote workers.
But by enforcing RTO and strategic cost cutting, they were able to save money. And that’s what the BOD cares about - there’s high scrutiny due to losing money for the first time, so EMG is focusing on these short term solutions.
We have the employee meeting with Wayne in august too at the Robles auditorium
Spreadsheeter
If you’re right, then we aren’t even halfway there yet. Meaning the August one will be brutal.
I heard 6,000 for the year 2023.
While Pres of P&C, said staff agencies needed to cut $1 billion in expenses. That means cut people.
Avg cost of employee (fully loaded) $150,000
6,000 x $150,000 = $900,000,000 (almost a billion)
There were a few earlier this month, between 40-50, some P&C roles along with a few Business Risk & Controls. If this pattern holds true, then a big round of layoffs should happen in August. Last year, the we had 2 big rounds of layoffs to end the year, August & October.
Anyone know of which areas/COSA’s will be impacted?
What CoSAs will be impacted?
Ironic that usaa celebrated 100 years, then went on to have its first loss in the history of the association.
Start bringing KY with you to work because sometime in August 500+ will be screwed via Zoom by some BofA/Wells Fargo executive that doesn’t know your name (and doesn’t care to) but gets to tell you that you don’t work there anymore.
For everyone else, the micromanaging will intensify, RTO will become gospel, more smart people will leave, bonuses and pay increases will be dismal (“Because of the economy” which really means Wayne and crew of embarrassing failures will pay themselves more at our expense) and you’ll start questioning why you weren’t lucky enough to get laid off.
I think it is in August based on a few interactions with HR.
I didn’t hear numbers from last week, but I only know one person who was impacted.
Good to know - this forum is so helpful!
@gqt+1nNwLOJ5, I also hearAugust, and the number impacted will be in the hundreds.
Previous posts from the ones that seem to know said large on in August. Since last week's was TINY - I'm still anticipating a large amount in August.