Many were given 30 day notice and still around. Most affected were grade 13-16, PMC workers.
Another round is expected to be November 15th and this falls in line with previous layoff patterns, after Veterans Day and right before Thanksgiving
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On Gunjan's big revenue call today, following a number of canned and fully scripted presentations (which we've all heard before), the first questions for Q and A were obviously return to office, the horrow of cafeteria seating and the arbitrary rules regarding who has to come to an office, which she wanted to spend more time on but couldn't let the employees manage the call, she basically said decisions are made and final, adjust your life to the return to office and move on.
Sadly, the emerging rrevenue strategy was the same old worn out sell bank customers all the bank's services, however, most small businesses will not put all of their financial "eggs in one basket" and this strategy has failed miserably and completely for the better part of a decade now, it's time to grow each business line independently on its own, not continue trying to see each customer every other bank product on the truck, it doesn't work
I’m sure the number is gut wrenching and the worst part - not one person is addressing it to leaders and employees still with the company!!!!! What is wrong with them??? Do they not see everyone is talking about it and not listening to fake stories of success and oh we rolled out something new and look over here at our profit numbers. It’s simply ignorance and mismanagement to the masses.
The offshore ratio will be going up significantly in the near future. Don't be surprised when it finally becomes public.
Most severance packages will come with a nondisclosure agreement so you may never know the full number. People literally can’t talk about it. I have heard a couple of specific names that surprised me, and I wish them well. Best of luck to those still there.
@2tjs+1vbLBIBE, let’s approach this with solid information instead of jumping to conclusions. A bit of research goes a long way in fostering a more meaningful discussion. Do yourself a favor and look at the internal data that is easily found.
Lol, people are just making stuff up at this point.
"7,000 is absurd. Just kicking up stories. It’s 500 tops."
You wish! It absofu--inglutely is in those high thousands. You better believe!
7,000 is absurd. Just kicking up stories. It’s 500 tops.
I was one and my stress is gone. Blood pressure normal and no more 50 hour weeks.
Even the most positive coworkers I know are now turning very sad, negative & over it. They aren’t just ki-ling morale. AC/Gunjan/Elfio and so on are ki-ling us. Blood su-kers and soul crushers.
4th quarter TTUS suvey is now out. It makes me wonder about the point of this excercise. Is there one? Watching friends and coworkers you've known for several years get laid off, dealing with the "hub" transformation and watching thousands of dollars of workstation equipment being brought in, & the creation of the so called "neighborhoods". You come in find a desk to work from (or you can "reserve"one), put in your time, and go home. It is so isolating, sterile, and dehumanizing.
Many of the terminations carry non disclosure obligations and continued work performance through the termination date under the seperation agreement to contractually protect the right to the severance benefits contained in the seperation agreement. Such that you won't know the actual loss of certain positions until after the November 15 seperation date.
Wouldn't be surprised to see a loss of 10,000 positions with the contiguous 48 states with a number of those positions simply relocated overseas to Poland, India or the Philipines where the position costs are about 1/4 of what the costs are in the U.S. Whether or not the job is performed and executed at the levels with the passion and performance/committment as it was in the U.S. is a very open question.
That means that the person who posted here a while back stating that 10k jobs will be eliminated for the yr was indeed correct.
I don’t think the reduction was 7,000 employees in just one month, but if you look at U.S. Bank’s employee count from January to now, it’s quite startling to see nearly 10,000 positions eliminated.
Can you really trust anything on Reddit? My impression of that site is it is mostly tards.
Where does that leave the U.S. based vs offshore ratios?
PMC = professional/managerial class
The link is below. Hearing 7k was a bit surprising, but wouldn't surprise me.
https://www.reddit.com/r/USbank/comments/1g5fgxw/major_us_bank_layoffs_today_october_16th/
What is PMC?
Can you please post a link to the Reddit thread?