Theyre cutting Associates in favor of a central team and Advisers who are not justifying their salary.
Theres also talk of redrawing the map and combining existing regions
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@2xaz+1ufEEesF I am just trying to hold on until the job market improves. The constant threat of layoffs is demotivating. Q4 is probably going to be a blood bath of RIFs. Layoffs will be just in time for the holidays and the bank won't care. This is about operational efficiency after all.
My money is on big layoff announcements being made in October and then carried out by EOY.
Pretty hilarious...and who is ranking "leadership's" skills? When BL came to the bank her main "strategies" were power calling day, which is a complete joke, and hire as many PWAs as you can. Thats one of the reasons you see so many unqualified PWAs with little or no real wealth experience in these positions...and not shockingly, they dont produce! So, maybe start with assessing BL's "skills" and then look at the id--ts she has in these regional exec positions and restructure the leadership team first. WM at USB is the laughingstock of the industry.
The fish rots from the head. And that's one stinky fish...
OP here. I dont know when. I bet layoffs happen before end of year. They are asking regions to rank their employees skills but theres plenty of wealth employees they just hired in q3 and q4 2023.
If youre a new Associate or cover less than $500,000 or a new Adviser with revenue <$250K I bet youre impacted. My guess is they announce after the October wealth sales meeting.
The consultant, GK or so called president is batshit crazy deranged. She wants to fire as much as possible to keep her status. She’s been appointed to be that bi--h until someone makes a bi--h out of her.
Just wait until they roll out the AI advisor, like many other banks are doing.
USB is planning on keeping expenses flat the next 2 years including giving some raises. There will be layoffs everywhere in the next 30-45 days. I’d expect about 3-5% of the company.
When would you expect the layoffs to happen?
Same exact thing is currently being put into motion within EFCC. Seems the new consultant, I mean president, intends to use the same plan company wide.
Not a surprise. Wealth management is a mess. The leaders in Wealth Management are clueless because they don’t have real working experience in Wealth management.
I am in Wealth and hope to be layoff. This place is a mess. All they do is make constant change, for the sake of changes so they can say they did something.
Look at the SWP mess. Nobody wants it, but they keep pushing it so they can say they made improvements when it’s not
I was there for a short time, but I noticed that the PWM advisors lacked a collaborative mindset. They frequently complained about delays, particularly in operations and the trust teams. Many of them, including the current head, came from the wirehouse and didn’t fully understand—or seem interested in understanding—how to work together effectively. It’s unfortunate because there were some strong leaders in operations and trust, but many have since retired or been forced out.
Maybe they should start by getting rid of the horrendous management in WM and PWM at the Region Exec level and bring in people with actual wealth experience. The goon squad in those positions now don't have a clue what they're doing. Wealth at USB is just retail banking. It's a joke. Blow it up and start over.