Rumour has it that TD is looking to reduce its workforce by 30% which means there will be further cuts if Q4 as predicted is down on revenue.
How can you put a member of the ELT in front of prospects and customers to convince them TD is the solution to go with when I’m sure 99% of the employees don’t believe a word that comes out of the mouths. The smiling as-----ns as they are now beginning to be known as.
They've been cutting high skilled, experienced, and knowledgeable contributors for the last few years. This is an indication that they no longer need people to do real product development or other core functions with having a real product. They are looking for a quick get rich scheme and if anything, they are executing to a schedule to avoid mass exodus of employees and customers.
Expect more cuts in early Jan. They did it this year and they'll do it again next year. There is form.
Considering the calibre of people let go this week, no one is really safe anymore. Before it used to be the back office staff with the justification that they are centralising those jobs in India, Phillippines or Mexico. Once that was all done, they targeted lower ranked employees. They're all gone too. So now it's open season on any role as they need to find further reductions to stem the losses.
Death by a thousand cuts indeed!
" change in strategy and market conditions may demand extra RIFs enabling to get nimbler and maneuver correctly"
Speaking like an amateur sheep that we call ELT.
Each high paying leadership team gets one shot to strategize and organize to deliver results. Not the constant layoffs and execuses each quarter for the last how many years! Continuous layoffs but the problem remains indicates wrong leadership and BoD should have canned them all after 2nd layoff request.
Give me a break. "Nimbler and maneuver correctly"? Management excuses. Sounds like reactionary management because the sheep don't have a clue vs. having a real leadership, vision and plan that is far ahead of the competition, execute, and take accountability for the results.
Lesson learned from an old white-beared wise man: “when it comes to ELT @ss, if you can’t kick with anger, kiss with devotion”
ELT k1ss @ss arrived.
Good joke! That changed strategy, is it working? Or just more RIFs is the strategy you are talking about?
What's the point of this post? TD had three cuts this year with more AE's and AVP's being cut throughout the year. There will be cuts every day for people who don't agree with ELT, or people that want to do the right thing for the customer. Cuts are going to continue because the people that need to be cut are getting to keep their jobs and RSU's and the people that do the heavy lifting get let go.
Aren’t you somewhat beefing up the story ? No, TD ELT is not planning to axe 🪓 30% of the workforce. However, change in strategy and market conditions may demand extra RIFs enabling to get nimbler and maneuver correctly. It’s business as usual like everywhere else. That’s the game rule supposed known by everyone. For high value professionals, it shouldn’t be hard to find new jobs; for the remaining fellows, just sorry.