Guess we will hear more soon.
112 replies (most recent on top)
Read a comment on glassdoor where someone mentioned that promotion in Tech Strategy needs to be looked at. Wonder if they were talking about Satish and Stolar as they seem to promote certain people a lot more than others
I wouldn’t be celebrating his leaving….like someone said before, at least we know what we had.
Well well well. JB is fleeing the mess he made.
JB just sent an email announcing he’ll be stepping down as CEO and joining Hendrick Auto Group as president…
This thread has over 30k views and Ally leadership thinks the way they chose to lay off people of a certain age is okay. It’s only a matter of time until the media and EEOC gets involved about this illegality.
I can’t wait until Q3 earnings are released. I hope JB and the Board feel the gut punch like we felt last Monday!!!
The comment below about D. Lemont and Nans is hilarious. They are the weakest cowards I’ve ever met, and Sathish thinks he’s gods gift to the IT world. Such a shameful bunch!
Johnny Cash:
Well you may throw your rock and hide your hand
Working in the Dark against your fellow man
But as sure as God made black and white
What’s done in the Dark will be brought to the Light!
anyone else get survivor guilt BS from Nans? 😂. Such an ungodly behavior by someone with a hindu god name.
Some one needs to investigate why Citizen employees were let go while non-employee visa workers continue represent a good chunk of the workforce, a simple audit to tech strategy will reveal a lot
there were non-white people who were let go as well. The focus should be why does ally need so many executive directors and Sr. directors to push papers?
Also, a number of contractors and H1b were hired right before employees were let go. Not to mention Ally increased the budgetary spending for Cognizant and TCS for 2024. Clearly the plan has been all along to outsource american jobs Someone needs to look at this
No way to know which comments are from Ally employees and which ones are from trolls. I usually believe 1% of comments on these type boards.
Who’s ready to file an EEOC complaint for age discrimination? I’m going to talk to an attorney. We have 45 days to decide about lawsuits, but EEOC complaints can be filed anytime. THANK GOD!!!
Not sure what all the complaints are about! When you were hired, you were hired 'at-will'; it simply means you can quit without any legal worry and similarly the company can dismiss you with impunity.
Remember, ** you ** the employee are merely an interchangeable part in a machine expressly designed to make very already wealthy people (shareholders/C-level suite) even wealthier.
In the end, the takeaway here is that this is a life lesson: when it comes to money, there are no friends. Second lesson: don't trust anyone.
These are things to consider:
- Auto lending is not generally sensitive to interest rates, but with general inflation, they become so because new loans are competing against gas, electric, groceries, and other bills in the budget.
- Sub-prime credit makes money in trending and improving portions of economic cycles, but are a deadman's noose in bad economic times.
- Mortgage was never going to succeed as an organic growth product, and the issues with third-party risk (think Better), is an incredible liability. Home loans are sensitive to interest rates and Ally has an extremely high cost of funds compared to other banks.
- DFP is solid, but if people aren't buying cars, and absent captive lender status, third party opportunities will contract.
- Insurance is generally profitable, but a good bit of it is tied to item 4., so buyer beware.
Lots of headwinds with an inbred C-suite is no way to succeed.
"Banks have stopped lending for autos and consumers stopped paying loans"
https://www.youtube.com/live/wnzX7qeigOk?si=cLGQ_GuQeQSemTDB
So glad I retired earlier this year. The company took a severe turn for the worse when GM sold GMAC. The leadership that took over and the existing leadership never appreciated the GMAC legacy. The behavior I witnessed during the year before I retired drove me to retire, which turned out to be the best decision I ever made during my career. Ally is far from a great place to work and they are a disgrace when it comes to treating employees with dignity and respect.
We have to remember that we are in this together. Forget the racist cr-p that may or may not be from Ally employees. It has no place here. Great people, white, black, yellow, red are in this together. The shameful way this was rolled out is the issue. Qualities of an effective leader such as integrity and trustworthiness have fallen way short on this debacle. Take a step back JB, apologize for the way your leadership team has handled this life altering decision. To have zeroed in on employees of a certain age is distasteful, abhorrent and downright shameful and possibly illegal. Apologize, be contrite, and show some empathy. To KP, shame on you for targeting some of the most productive employees this company has. These comments collectively show a breakdown in leadership much better than a supposedly anonymous employee survey ever will. Employees don’t trust your HR leadership at all. DT never acted like this in all the years I’ve known him. He is a good man and always expressed empathy towards his employees. That’s what made him a successful leader. I believe he has become jaded by the title and the pay. You and your team should apologize in unison for this problem. Strong leaders apologize when they sc--w up. We used to have a saying, “Were we Right or were we wise……it was a great action plan. Good luck to those that remain, you’ll need it.
The racist really came out to play huh? From reading this thread , you’d think ONLY white people were laid off. I’m sure this amazing personality that you’re displaying for us all because of the safety of anonymity has nothing to do with your situation.
Another impacted employee here. I have had an approved accommodation for over a year which allows me to have flexibility on when I go into the office so instead of 3 days I can do 1, 2, or none depending on how I’m feeling that week. It sickens me to think that this had anything to do with their decision…
Well JB sent an email saying he was appalled by some of the comments he was reading online and asked employees to talk to those affected and ask them not to post negative things about him or Ally! The gall of him to tell us how to feel and what we should be posting! The arrogance…we truly see who he is now - still caring more about him than people who are hurting right now! I got a message for JB and his 40 million dollar C suite! Trade places with me or shut the F$$ck up! Nobody gives a rats a-s how you feel you narcissist piglet! And to those who survived the lay off and are still drinking the kool-aid that are posting here…go back to work and leave us alone!! To those who have supported their colleagues and who have empathy…I love you all and wish you all the best!
Now to my fellow laid off friends! This is a very safe place to feel how you want to feel and say what you want to say, so carry on as you wish😊
I realize hearing the news that you are impacted by a reduction is tough, as I have been there myself, but just know there will be light at the end of the tunnel. Keep your head up and stay classy as how you react in a tough situation says a lot about your character.
I realize the market is tough now, but you will get through this and come out for the better. Please believe that and keep a positive attitude.
I have no skin in this, but from reading these comments I wanted to reply.
For those of you that do not follow the financial markets closely, ally was very late with layoffs, most big banks and financial situation started laying off a year ago. Interest rates are high and the latest forecast does not show them coming down in the near term. Not sure what you want the company to do if they need to stay afloat.
The proposal by the current administration to increase the capital requirements on banks is expediting these decisions, as banks will now be required to hold more capital for money they lend, increasing their costs and decreasing revenue.
As a senior leader, you have to make tough choices and my guess is that they agonized over this, but realized they had to do something to improve the financial picture.
Just my unbiased opinion, but many of the comments on here I think help justify that they made the right choice with the people that were impacted. Many of these comments are very unprofessional and just show an entitlement attitude-maybe some selfie reflection is warranted.
This forum started with grief and people upset that the job they had for years was no longer the great place it used to be. Today this forum is filled with bizarre political comments and people using the term “wokies”. (FFS what happened to you?)
Maybe it’s the anger stage of grief for some or people that never even worked at Ally posting.
Let’s face it. Open enrollment was about to start. From my perspective, it was purely discrimination of age and those that incur higher medical costs.
We need to quit attacking other hires as it’s not their fault. We’re all in this together. Turn your anger to the real thieves. The fault lies in the C-Suite’s decision making and layoffs are just part of normal tactics.
I heard there was an all hands meeting today where Sathish said something along the lines about the comments here to be absolutely false. I hope many realize you’re not a very reliable source of information.
Sathish also stated some years he would only get 0% of the portion of his salary based on performance. Did it happen the year you thought it was a great idea to make a video showing off your mcmansion to everyone during peak lockdown. The way you run your employees ragged; how dare you ask them if they have a minute. You should give them minutes of their personal time back.
I hope this makes its way back to the person who was dismissed today by Nans around survivors guilt. Yes, he was completely insensitive to dismiss this very emotional impact on employee moral. Nans should be required to go through additional leadership training for whatever he said to you. (I’m getting secondhand / paraphrased recap from a handful of people)
Your guilt will only hurt you. I’ve survived mass layoffs at other companies and understand the fear you have over potentially losing the career goals you’ve planned at Ally. Losing anymore friends to additional layoffs.
Whoever feels survivors guilt; don’t worry about us or beat yourself up emotionally. Many of us became cognizant of their attempts to force us out. There were just too many blatant discriminating changes that happened last year for it to be a coincidence. Many of us see this as the motivator we needed to finally pursue a more promising career path.
I’m walking away with the lesson to better advocate for myself.
To the younger ones if you don’t already know Just trust your gut and if things seem to be too coincidental, figure out your next move. Never sacrifice your personal time with friends or family for a company. Especially that only sees you as a row in a spreadsheet they need to delete for higher than a 0% in the sliver of their astronomical salary. You don’t owe Ally a fu----g thing. You only owe it to yourself.
Follow another thread on this topic from HR. We may be laying off again.
Our stock took a bruising today and I have a feeling it’s going to get uglier. I guess if I was going to give JB some advice, not that it matters but it would be to drop everything to get in front of this. Don’t hide behind half truths and be honest. Where do we really stand. What are the additional plans to reduce expenses before it gets worse. Circle the wagons and get a hand on the unrest in the company. Don’t use clichés to express your concern for employees. Be honest! What are the plans for additional headcount reductions? Again, honesty will go a long way to quell unrest in the ranks. You’re a leader, lead but show some empathy. What ownership are you and your leadership team willing to take for the mess we’re in? Again, be honest with your employees and don’t keep employees hanging for another month or six. If employees jump sh-t, so be it. I won’t be here but will be interested to see your real leadership skills.
I don't understand how we weren't penny pinching better to prevent this. Seems like they just gave up and said this is good for the stock price.
Why didn't management take pay cuts and bonus cuts for the year? That's a mark of leadership.
Other than my "survivalable" salary and bonus. I wasn't costing the company that much money.
Have all the affected bu's been notified?? Just checking to see if the layoff process has ended or will there be more?
JB read this comment… we don’t pay you 14 mil for hindsight we pay you that for foresight, which you did not have and have failed this company. You should feel ashamed, own your lack of leadership and resign.
Three meetings with different levels of management today to talk about how they want to be "transparent" about the layoffs but yet here I am on threads like these trying to figure out what actually is going on...
Does management not realize that against the headwinds we’ve had for years, it’s the dealer facing reps in both sales and buying that have kept this train rolling. We’ve had to endure years of uncompetitive rates and uncompetitive programs to still bring business in the door. SVP’’s, Dos’s and CAMS know this is a fact. Why do you think our JDP scores are so high. It’s the dealer facing reps that have long records and relationships. We keep being told how valuable we are but now we are cast aside and no longer useful. And for what? A lot of dealer customers are aware of what’s going on and are sick about it as well. We know their families, their hobbies and have facilitated smooth transitions when changes occur. Now, after years of fostering relationships, we are cast aside and treated like trash. Trust me, dealers will learn what’s going on and when they think Ally, they’ll have a bad taste in their mouths. Good luck to those of you that are left. You will have one he-l of a burden……..
0-4 years of unbroken service should equal 10 weeks pay,
5-9 years should be 13 weeks. At least that’s what it used to be
I’m so sorry teammates. Please don’t use this time to slander and be mean to your coworkers— who are all in this with you. Don’t let this take you out of character and show an ugly side of you. By all means, be upset.. cry.. grieve.. be angry.. but don’t let it turn you into a bully. I am so so sorry this is happening right before the holidays. So sorry this comes after a very scary and stressful 3 years of a pandemic. This doesn’t define you as a professional or as a human. You are smart. You are resourceful. You are powerful. So.. grieve. Take the time you need. Then go out and show the world what you’ve got. If your close coworker is let go.. be there for them. Reach out and ask what you can do to help. Maybe they need help fixing up their resume or networking. Let’s be good humans. Don’t let this make you hateful.
I’m sorry to those who have already been affected. And right at the start of the holidays. . We are waiting to hear if we will be affected in my line of biz by early November. What a productive month that will be! Can anyone please confirm what the severance package is so we may know for worse case scenario please ? And asking as someone who has been with the company for a short time.
Let’s add leadership council’s 2022 compensation:
JB - $14.4M - 130 times the average Ally employee pay
DM - $5M
SS - $3M
JL - $4.9M
DT - $5.3M
BB - $2.4M
Total: $35M in salary…….Did they earn it? Women’s Soccer?, Ally Challenge?, Women’s Advertising?, NASCAR?- how much revenue did they bring in?
There are both white and black people who are “under qualified” for their jobs at this company. We all know someone who is. It’s lazy to point the finger at a particular group of people because you’re angry. Direct your anger towards leadership. I’m very sad to read some of these posts from colleagues.
This video might help explain things.
https://www.youtube.com/live/nuXGuE_oavs?si=4PIMNq8rsGYdCDag
So for the “folks” riding for Ally you’re a joke! You’re really standing for a company whose CEO won’t even cut 5% of his income. As well just hire his 1% COO because why people notice who sits at the head. And to be real they only place minorities further along when they need to meet the diversity quota. Ally dont care sh-t about y’all just like they give y’all these own it shares but yet hold them for 3 years, call you a shareholder but never invites you to a shareholders meeting! Sounds like a pi-p to me 😂
So many prophecies fulfilled in this glassdoor review…
"Doing it Right" and "We are all in this together" are slogans meant to make you feel better, but the truth is, no one at the top actually cares about you.
What do they care about, you ask? Power. They care about you falling in line and doing what you are told. "Safety protocols" like masks, don't apply to everyone. This is why executives, including the CEO broke the rules while the commoners wore masks at their desks when the mandates were in place in Charlotte. They care about money. Kickbacks from local, state, and federal governments to implement certain protocols. The return-to-office is much more about real-estate not sitting empty than it is about "safety".
Seeing these comments - let's remember that we are laid off and we can't change that. I understand that it is easy to speak your mind as name, "Anonymous". But let's get on a positive track. I think if you take a combined approach to all the comments, there are great points to why we are here. Some are hard truths.
Life isn't fair. My life certainly hasn't been. Sometimes I get envious of how easy some people's lives are. I am upset, sad, fearful and full of regrets for my time, work, energy and loyalty I gave to ALLY. And I am disappointed with management's decisions. They could have done better to save people's jobs.
But right now, I am focusing on the future and hoping to get another job by Christmas so I can buy presents for my family without going into credit card debt.
Just because we were thrown away doesn't mean we are garbage - but I will admit I feel like garbage right now. But I know I won't in time and neither will you.
Another disabled victim here. Ally HR forced me into identifying myself as such in the system. Something I had informed my manager I wasn't comfortable in doing. Is anyone else going over to this site https://www.eeoc.gov/filing-charge-discrimination?
A lot of the wrong people were let go. On the bright side we no longer have to cover for those who can't properly plan or do their jobs. Not to mention the freedom from the toxic culture they started in 2018.
For those currently employed at Ally reading this - UNIONIZE.
I was one of the folks who was laid off back in October 2017. It was such a cold hearted experience. I received a generic meeting invite, from my manager, on Wednesday scheduling a conference call for the following Monday. Dialed in and was read a script that made no sense. No explanation as to why I was picked. What added insult to injury was, I busted my tail Thursday, Friday and Saturday night until 9:00pm to be let go on Monday morning.