Thread regarding U.S. Bank layoffs

Indeed more UB employees were laid off. There were no announcements, if you knew, you knew. It was very hushed. The termination dates varied, some were let go as of March 1, some were later.

So glad I proactively sought out a new job and left UB before this train wreck.

Post ID: @3zbs+1q8Q4d5C , you don't know what you're talking about. I was a long time MUFG employee and the regular severance plan there would be 34 weeks. The severance plan at USB for same level and length of service is 12 weeks.

Yes the USB severance plan is worse than the MUFG severance plan that was created as part of the divesture of UB. Those that took the package this year were much better off . The MUFG (legacy) plan is similar to USB plan. Those folks who were laid off from MUFG this year and those that will be laid off next year will not be happy with their severance package compared to the UB folks laid off before 12/1.

To one of the posters, UB was not a failed bank. MUFG got out of the retail banking business in the US. UB actually was a profitable bank that covered a lot of spending by the rest of MUFG in the Americas. USB actually had to get a “loan” from MUFG for $3B+ that they have to pay back next year. MUFG bought another $900m+ in stock to increase its ownership in USB to 4.4%. USB has a capital problem given it had to raise almost $3B by preferred stock issues. Face it MUFG could buy USBank if it were in their strategy.

Having experienced the severance I can tell you it su-ks, and I’ve heard whispers that USB pays attention of what grade you are even if you’re not in danger of being laid off, to plan for future severance costs. So if you’re a grade that’s the top of one level of severance, and you’ll get more severance if you move one pay grade up, expect to stay at that lower pay grade for a while.

Did Union Bank get bought out by US Bank or did Union Bank by out US Bank?
UB’s generous retirement plans, severance plans and pay might be why they ended up having to toss in the towel! Mergers su-k start looking elsewhere.

Besides severance plan worse than Union bank plan, so is medical plan and pension plan (that no one pays attention to). Additionally, US Bank bonus plan is never fully funded and base salary is also lower than Union bank. No wonder all the Union Bank Directors and MD’s left for greener pastures. US Bank could not afford them.

Would that be a classy move? For a Bank to purchase a Bank. Let the merged employees stay on long enough for their previous employer's severance plan to expire. Then lay off the employees under the new severance plan, thus reducing their employees earned severances payments by 75%. ?

Rarely happens in the first quarter - because that's the period people take their bonus and put in their notice causing significant churn.

AC sent out an email to all employees earlier today. My takeaway is that no layoffs will happen until after the holidays.

I have no solid evidence, but my sense is that the first quarter of 2024 may get messy.