Thread regarding U.S. Bank layoffs

for the not filling open positions with laid off employees.. managers see what’s going on too. Most keep open positions because it looks better on a staffing model, in turn saving your job. The second your area looks overstaffed you’re getting looked at next

Now now. This dude could also be a rise-and-grind, facts don't care about your feelings millennial that glazes corpos because deep down, he's pre-rich. Let him cook.

OP- I think the majority of us understand that things have to change to be competitive and that some positions do become eliminated as technology and advancements happen. What bothers at least me the most is HOW it went down. In my department the employees they let go were essential. How do I know this? They literally hired around 50 contractors who will be doing the same jobs they did, likely at a lower rate while the execs likely bumped their salaries! That is what is unethical and quite frankly “not putting people first” like they preach. A lot of remember the Richard Davis era of USB where we felt we mattered and as someone previously stated where they did trim from the top vs sc--wing over employees that are tenured and were clearly loyal.

Would advise everyone to go back to the Investor call a couple of weeks back where Wall Street analysts told our leaders the company's stock is not attractive because we grow slowly so we needed to increase revenue or cut expenses if they want to be in the beauty pageant. All this happened after the agony of the UB integration so if they were going to chop heads before, that would have been the perfect excuse. This is obviously a recent change not driven by the UB situation but by this new way of aggressively attacking the goal of driving the stock price up.

Let’s assume you’re not a senior leader. What you may not realize as a newer employee is that, for many of us, USB was once considered a model employer. During the 2008 crisis, there were no significant layoffs. Instead, Richard Davis made the decision for leaders to donate part of their pay to save costs and prevent layoffs. That’s how you build loyalty and make employees love working for you.

Now, the “most ethical” bank in the world is conducting silent layoffs. They’re becoming just another bank—and they will regret it.

The fact that the OP keeps responding is proof that they are a senior leader. Not sure what they are trying to accomplish by responding? Many haven’t slept well for weeks over concerns about being laid off. My guess is that after actually laying us off and seeing what they have done they may feel a TINY bit guilty so they need to try and rationalize their “business decisions?” When senior leaders stop giving themselves fat raises and bonus’ to help save even a few employees maybe we will believe that they care but until then stop embarrassing yourself by posting here because no one believes you don’t have an office and we know only execs are worthy of offices now.

Thinking I’m a senior leader or anyone with ANY pull of any kind is pretty comical. I’m literally just a realist. I could fall victim to a layoff tomorrow and while it would be devastating, I wouldn’t find it surprising. But again, I am not sitting in a fancy office or have a fancy salary. I was part of a layoff before joining USB and this position was a 50% pay cut from my previous. I fully understand the ramifications of being laid off and it’s awful. I just don’t understand why anyone is surprised or expects different. Businesses will always be businesses and make decisions that improve their profitability. They’ll always try to have as few employees and expenses as they can. If any one of us ran our own businesses we’d also try to operate as lean as possible. It doesn’t make it fun but is does make sense. As long as any of us work for a large corporation , we’re at the mercy of what that corporation decides.

This is 100% a senior leader, they all know about the site and want to change the minds of us peons that have our lives disrupted by the lay offs, while they sleep like babies with their huge salaries and bigger bonuses. Nice try, but we aren’t stupid and your ridiculous posts are the equivalent of the political garbage in my mailbox and door handle every day, just trash. This bank and senior leadership is unethical, uncaring and disgusting. Form your own site so you can rationalize your cr-ppy decisions while cashing your huge bonus checks and stroke each others egos and tell each other destroying the lives of 1,000’s of people was ok while the rest of us do the work of 3 people to make up for the amazing and loyal coworkers that got let go. It’s disgusting what this bank has become and I can’t wait for the 4th quarter TTUS to come. Participation score be damned, we all need to say exactly what we think of senior leadership the co workers laid off deserve at least that!

You clearly don’t understand the ramification of getting laid off. Maybe you were born with a golden spoon, but most of us live paycheck to paycheck. Getting laid off before the holidays is a di-k move. Corporate greed causes people to lose their jobs. Some of those people talked very highly of the bank, were dedicated employees, and enjoyed working there.not to mention, they could probably outwork you and outsmart you.
The rug was pulled out from under them and they are pushed into unemployment at the worse time of the year to find a job.
Have some compassion. Your logic belongs where your golden spoon should be shoved, and it’s not in your mouth.

In my dept they're laying off higher paid senior staff and replacing them with newbies at a lower market rate. They need the positions but they want to pay less for it, and they're laying off the people who have the most experience to do it. They can absolutely afford to pay the staff, and rightly should, but instead their cuts will go to the pockets of the C-Suite and shareholders.

How can you explain all the unfilled, open positions that they don’t even try to place severed employees in? If you have any seniority, or longevity with the company you are sc--wed.

Can you explain the 42% raise in total compensation for AC and all those increased compensation for seniors leadership if layoff is the only way this company is to survive?

Seems like bank is doing fine, according to AC calls with the analyst and based on compensation to senior leaderships

I can assure you I don’t work in a fancy office. And, I said layoffs are horrible. Insensitive isn’t my goal at all. I feel terrible for those affected in all rounds, I know several people. It’s awful. At least for my position, it is very market driven and so I guess my thoughts were just what in the world can we expect? At the end of the day it’s a business and the business needs to sustain itself. It isn’t about the warm fuzzies unfortunately, it’s about the ability for a company to perform. We don’t have to like it but we can understand what’s driving it without acting like it isn’t occurring at dozens of other companies.

Read the room, dude.

This is a really insensitive post considering how many people have lost their jobs as a resort of poor decision making on the executive side of the house.

It is a part of corporate America, but that doesn't mean that what has happened isn't absolutely terrible. Those of us that have been around a long time remember when laying people off was a last resort and not a standard business practice.

So, go crawl back into whatever fancy office you came from and keep telling yourself whatever helps you sleep at night. But these are people's lives you're talking about. I'm guessing you're some executive that gets to push the button and your life goes on as normal. Maybe grow an empathy bone and try again.

The alternative is to actually trim the fat and not the muscle. And to not overhire in certain departments.
I have seen chaos everywhere within the bank as a result of their layoffs... not sure what you are seeing but it will get even worse now.