Thread regarding U.S. Bank layoffs

When are the TOS layoffs coming? I'm hearing rumors about a major executive meeting next month, and a lot of people are asking questions about "what we do here" and buttoning up documentation.

Any layoffs in mortgage processing?

Typical USB methodology.

Not sure why anyone is surprised. If anyone has been here long enough you should remember it’s all about the cost efficiency. Andy and company live and die by the cost efficiency. That’s what drives the stock price. So if you think about it , what is the easiest cost to cut, people? Unfortunately USB is all about keeping your buddies employed so we end up getting rid of the good talent and may be left with questionable talent. Managers that can’t manage, people who have no clue of the industry and folk that can’t deliver. Where do you see this the most TOS. They are the biggest cost and when they miss we all have to cut.

More layoffs. How much more dysfunctional can the place get before it collapses

USB are controlled by institutional investors Vanguard and Black Rock. Reducing FTEs will continue and outsourcing jobs elsewhere, equals more profits…..

USB hates all non-management employees and work as hard as possible to eliminate them, the first moment they can.

A lot of the strategic work that was to result in reduced costs never panned out as expected. The company, mainly TOS spent hundreds of millions and were so far behind in the delivery , like cloud. Whatever was the business case to justify the spend did not materialize in the timeframe , to the tune of 100’s of millions dollars in missed savings. So they have to find savings elsewhere.

There was an agreement with the government not to layoff Union Branch employees. This was done to get the acquisition approved. USB figured California based Union employees would quit and things would work out. That hasn’t been the case though. Union Bank branch employees are not quitting as they had hoped and now USB’s payroll is extremely bloated. They’re making cuts from other departments to find a cost savings.

When USB posted billions in profits last year, why are layoffs still happening, especially when most of the impacted employees are from Union Bank? whatever happened to the “One U.S. Bank” rallying cry? Has it always been USB’s agenda that once the integration is completed, that all UB employees will eventually be let go?

TOS middle management needs to be thinned. So many levels of uselessness. Of course they attack front line employees and ignore where the real savings are.

And they structure these layoffs to avoid state and federal required WARN notices and the resulting media attention. Really self serving, underhanded tactics. Your loyalty does not belong here

The bank will continue to offshore jobs this year and lay off US employees. This is a standard program in the industry. In my opinion quality and the customer experience always suffers in the process. But if your job can easily be moved to India or Poland where the cost is maybe 30% of what it is in the US, the bank has it on their radar to explore and likely implement this.

Layoffs will continue and it’s unfortunate. Seniors Leaders just visited vendors and partners in India. Reading between the lines, USB is always looking to cut expenses and maximize opportunities

We’ve been saying for months, expenses have to be reduced. It’s either people or space or both.

I think TOS is going through some things too, anyone else hearing this?

Around 60 were impacted in Lending Services, including the closure of all SoCal locations.

someone said earlier, around 70 people in 24 hour banking got the boot.

GFS took a hit