TOS layoffs in October-November... and Surprise! The ones belonging to the club will not be touched.
Mortgage, WM, Digital... watch for elderly employees with a high(er) pension outlook.
The well has been poisoned at TOS and the entire organization for too long.
One toxic person moved to a leadership position can cascade negativity and incompetence all around.
There is your root cause. TOS is cr*p...
Cecere prefers to look the other side...
12 replies (most recent on top)
Employees vested in the pension plan prior to 2008 also belong to a plan that requires the bank to fund their pension plan on a monthly basis, where the post 2008 plan does not require defined monthly contributions from the employer,
It is a factor in all employment termination decisions and ordinarily there is also a larger 401(k) match accompanying older employees as older employees would be expected to place more in the 401(k) plan than the younger employees that may have higher housing, child care or education costs on a monthly basis.
Employees before 2008 have a defined benefit pension. Significantly more of a liability to the bank than the cash balance plan. Having said that, inflation and higher interest rates should help. Once retired the monthly payment doesn't get adjusted with inflation like a government pension.
What is TOS? Technology and Operations were split during a major re-org earlier this year and are completely different groups under different leaders.
Levang and her minions continue to chop the shop at TOS... no wonder their bonuses are always great... toxicity at its best
How many is ISS? What areas hit?
Layoffs in ISS yesterday, quietly
Be careful what you wish for
No jobs to be found in mortgage no matter what age you are. Rates at 8% have shut down the entire real estate community with no end anytime soon.
Yes, lots of people over 50 wouldn’t mind a layoff. Your health is important, only 1life
The thoughts shared by the employee over 50 that wants a layoff is shared by most long term employees. How sad a comment is that. This used to be a career destination employer.
I hope to be one of the over 50 laid off. This place has become so toxic I literally get sick once a week over it.
So they are targeting people 50 and over because of high cash balance contributions cost and health care?
Usually they will lay off a younger newbies along with all the oldies so you can’t Sue for age discrimination .
Why do company also do layoff in November and December and ruin our holiday? So then C suite can get a big bonus?