Anyone else noticing that the over 45 crowd is hit harder with these layoffs?
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I found out first hand. You don't fit in their plan if you have a very sick family member and are over 50.
Investors are leaving because there is no hope in turning this mess around and there is absolutely zero confidence in leadership. Best possible outcome is someone competent purchasing this dumpster fire. Someone with vision and deep pockets.
To the last poster; I agree with you. I meant more-so the C-Suite leaches than the general investors who are losing stock value. There are interesting articles online about how USB insiders are all selling stock rather that buying more. I've always found it odd that the media have all ignored the investor lawsuit against Greedy Andy and his cronies. I haven't found any follow up articles past this one: https://www.americanbanker.com/news/u-s-bancorps-ceo-other-top-officials-sued-over-unauthorized-accounts
I'm no fan of AC or his incompetent leadership team, but this statement makes absolutely no sense. "The other investors seem to be ok with Cecere bleeding USB dry, because they're all cashing in too. They'll be riding off into the sunset with their millions by the time the USB is broken...". USB stock is down almost 50% since AC took over from RKD. Investors ARE NOT okay with this performance and the idea that the grand plan is to break USB and ride off into the sunset is equally nonsensical. That would suggest the bank's stock price is as bad or worse and an acquirer picks it up for a low valuation. No one who owns the stock is cheering for that, and it is beyond me how the board and shareholders aren't demanding AC's termination for a clear and demonstrable lack of performance during his tenure as CEO. Just look at the Union Bank debacle...they overpaid for that bank and are now acknowledging that they will have to shrink the balance sheet to stay under the regulatory capital levels because they can't generate enough earnings to build up their required capital levels...well if it was such a great acquisition and they were able to hold on to clients and assets, that wouldn't be the case. FIRE AC!!!
Ageism is alive and well in the Greedy Andy era. The other investors seem to be ok with Cecere bleeding USB dry, because they're all cashing in too. They'll be riding off into the sunset with their millions by the time the USB is broken and acquired by a bank with a competent CEO.
The older you are the harder it will be to get a new job, in this current economy.
How is 40/45 old? I thought ageism was supposedly getting better, especially since the younger crowd is allergic to work.
Yea. If you’re laid off the over the age of 40, you’ll eventually (after you sign your severance agreement of course) get a breakdown of the ages of everyone laid off when you were. A very large percentage will be over 40.
Most companies lay off the 45 and older folks. Not unique to USB.
They will fire a couple of young people that were recently hired or dead weight so you can’t say it was age discrimination, even though the layoff was to get rid of old folks like us because we cost more in pension and health care benefits
It's always this way. In addition to costs, older employees have a tremendous amount of organic knowledge. They have the ability to point out deficiencies in management plans. Young people lack this knowledge and will go along with the stupidity of management.
It's not just age, it's cost.
The bean counters don't realize how much the youngsters have to learn.