My director told me they don't know whether I would be laid off or not because the decision is not based on them. Was told announcements will go out next week.
What about employees with a low performance rating? Will they be impacted?
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Exactly! @bsm+1qDBTDJ8 Sorry. I just can't flip a switch and be a butt kisser just not to get the axe. There's a thing called self-respect. Very little seem to have this around. If they want to be left with all 'YES' people, then the bank will continue it's downward spiral.
I was let go in November. As a MD been on garden leave since 12/1. I was 1/2 rated - so it has more to do with your role (and probably your Comp) than your performance.
Not hearing of any impact in Tampa and Irving yet. Our team is in both locations and quite large and so far no impact.
Teams in locations like Tampa are quite safe.
@mqc+1qDBTDJ8 Wrong. If that were the case, they would just fire everyone in NYC who has a counterpart in Florida, and just keep the Florida people (who are 30% cheaper to employ).
If you are a mid to top performer but are at the upper end of the pay range, you are at risk.
Low performers are at risk.
Top performers at the higher end of the pay scale are at risk.
The sweet spot is middle performer, lower pay range.
They may or may not be cutting lower performers, but they definitely will be losing top performers when the hiring market is gets better. I know that for sure.
“ Much of it comes down to managers simply keeping who is good/easy to manage, and who is not”….
That's inaccurate. I know of great people who were let go yesterday. Nothing to do with performance but likely the cutting cost to get new people who will do the job for less.
"If you have been “milking it” and just coasting, not giving much effort, hiding amongst the large employee population…….now is when the chickens could come home to roost".
Or maybe if you're the one who challenges your manager when they're being unfair, or doesn't kiss @ss, or doesn't play the game, they you're going to get cut.
Much of it comes down to managers simply keeping who is good/easy to manage, and who is not. If you have been “milking it” and just coasting, not giving much effort, hiding amongst the large employee population…….now is when the chickens could come home to roost
They started cutting people on the 16th
Ratings is not a consideration. Its mainly project cost and some strategic restructuring based on external company suggestions. Usually they try to eliminate Technically outdated directors and MD's from technology division.
@ygu+1qDBTDJ8 - 3 is not considered low, it’s average. 4 is low, yes
Low rating as 3,4.
The director said she is not involved in the discussion of who will be laid off but if anyone is impacted the announcements will go out next week. She also said directors do not know much.
So who is involved with adding the names to who will be cut?
First - didn’t you read Jane’s email about next layer to be the week of Jan 22
Second - what questions you asked your director?🤣 like will you be laid off? I get nothing to say my friend😅
Jane announced Jan 22 as Big day already.
The communication of who is going to stay or let go might be available already at top level atleast till Director or SVP level. If your manager or Director are not aware of the communication, then something is cooking behind them and so for you too.
Low rating as in 4? Or you’re referring to 3s?
An analyst
Your director? Are you an SVP lol??
Didn't get a bonus or raise
Sorry to hear that. Did you have your bonus conversation today and if so did you get one?