#financialservices

Anyone want to guess?

Just wondering what the goal is of McKinsey and co to destroy employee good will as much as they can.

Every person who takes pride in their work learns to not only stop giving a sh-t, but extract as much as they can from the company out of pure spite. Every department has people deliberately making mistakes and slowing procedures down out of PURE SPITE because they hate this company.

When you first start, you wonder at the incompetence of literally every team around you, but then you are adopted into the culture. The culture is: Smile while doing everything possible to make the company worse and the people around you’s jobs harder. This a joint effort, and eventually you fall in line.

Senior leadership is involved in this joint effort, they pass down initiatives that they know will fail with a smile and a song, and everyone nods enthusiastically, with the same smile, and the grunt employees smile a painful grimace as they purposefully make the process even worse than it would have been initially out of pure spite. But they are still smiling, that’s the important part. Their middle managers get their bonus, the senior leaders get their bonus, everyone smiles and money flows, wasted on infinite vanity projects and processes that don’t work.

Had you asked employees who do these processed day in day out if they might work, they could have told you from the beginning. But these employees likely did express concern at one point, years ago, and learned that that is NOT the Schwab way. The Schwab way is to keep your mouth shut and smile. Everybody knows they don’t work, but that is not important. What is important is that you smile some that whichever C-Suite gets applauded for fudged numbers from their vanity project.

I don’t know how clients think our customer service is wonderful. Everyone I talk to hates their job and is confidently incorrect. It takes me, on average, 10 hours of extra work a week to fix simply mistakes made by other department. I can call five different departments and receive 5 different answers. I don’t blame them, Schwab provides no training (too expensive) and no motivation. Hurting the customer and internal business partners seems to be the only way to lash out at the company that clearly hates you.

So remember you think you are guaranteed but honestly once the pensions were sold off they are no longer federally guaranteed it’s state regulatory guaranteed.Which is dependent on state .So NJ would be up to 250,000 .So if you have more your gambling.I believe.But here is one article https://www.americanretiree.com/post/verizon-retirees-object-to-5-9-billion-pension-spinoff

As project Crane continues to sla-ghter headcount and increase exec compensation the job market becomes even more unfavorable leaving employees unable to pay their WF mortgages, car payments, personal loans and more. Severance pay is only for people with tenure. So many people we new to wells fargo just a couple of years ago which means at best they might see 2 weeks or so of severance. Pay your bills on that, good luck because its not possible. Unemployment in many states is around $200 a week. What can someone really do with that, NOTHING!!!!

Anyone having any insight on this? As we heard big layoffs planned

Finally, SLF seems to have found something she's really good at: sending the stock CONSISTENTLY down at the speed of a failed SpaceX rocket. Time for some put options, because when the FT news is public, and James has to guide the investors, you can make some serious money when the stock sinks below 35! (This is NOT financial advice, though!!!). Say hi to Bob T!

There is 150 million left in the plan for right sizing the company, that's roughly 1500 jobs

Will this happen before end of financial year ?

Stock price collapsing again. Heading to ten bucks a share

There will be no OpenText in 18 months

Something doesn't add up.

• The Museum of Fine Arts, Boston has made layoffs for the second time in six years.
• The museum is suffering from a $13 million projected deficit.
• Affected employees reportedly include three endowed curatorial posts.

https://news.artnet.com/art-world/museum-of-fine-arts-boston-slashes-jobs-as-financial-woes-deepen-2741616

There seem to be layoffs spreading across the financial services.... especially asset management and custody space (State Street, Fidelity, BlackRock, Vanguard, Schwab, Citi, Morgan Stanley). I’m curious whether this is mostly cyclical or tied to longer-term structural shifts. What do you think are the main reasons?

Lots of rumblings from both consulting firms and at higher levels in Houston that a significant amount of Shell’s GoA assets in 2028 reach an opex/profitability threshold that will require the ELT to decide whether to divest or commit to cradle to grave with P&A and decommissioning that may far exceed 10 Billion dollars.

Wisdom of crowds and insiders.
What assets get divested?
Can Shell do marginal production management?
Will Shell ride the Idol Iron Clock?

Other interpretations and ideas welcome

Metropolitan Opera Reduces Staff, Programs Amid Budget Woes

The Metropolitan Opera announced layoffs and pay cuts. These measures address fiscal pressures from the COVID-19 pandemic. Twenty-two administrative staff were laid off, and executives face salary reductions. Next season's productions will decrease, and one opera is postponed. The company seeks new revenue and expects full pay restoration by August 2027.

https://theviolinchannel.com/metropolitan-opera-announces-layoffs-amid-financial-strain/

The Hackensack school system's budget deficit has increased to $17 million. This figure is $2 million higher than previously reported. District officials warned that up to 90 staff positions may be eliminated. An audit revealed years of financial mismanagement and improper practices. The Board of Education has sued former officials over their alleged role in the crisis.

https://www.njspotlightnews.org/video/hackensack-school-district-threatens-layoffs-amid-17m-budget-deficit/

Hackensack, New Jersey

Has anyone heard anything, im struggling financially now after years of no rises. Grocery and other costs are astronomical. Its an urgent issue now.

No matter where you work, you should work toward accumulating a financial base to where you can tell anyone that they can go “F’ yourself”. This takes time, a lifetime in some cases but it can be done.

Don’t spend your raises or bonus’s and funnel your extra money into investments. On raises and bonus’s, put about 10% of that aside to reward yourself but be as frugal as you can be. Now Citi does not make this easy as they are extremely lacking in rewards for a job well done but still this is an achievable goal. Work toward a 1 month pay in liquid cash, then 3 months. Put this amount in a CD at a fixed interest rate. Then work toward 6 months, put this into a CD. Then 9 months, same thing, then a full year same thing. Again this takes time. Once done though, as they mature, you’ll be faced with a decision to cash them in or roll them over. Stagger each CD purchase to where they don’t all mature at once. I get it, I really do. This is not a quick fix, its not a fast turn around and you have to spend money to live. It’s a choice though that’s worth the sacrifice. Max out your 401K always.

Resist the urge to have the latest and greatest Iphone, entertainment center, PC, car….etc. … Work hard toward wealth, not money. Build enough wealth to where you don’t care what Citi does. Enough cash reserves to where if you get let go, its of no significance to your life.

If this is so great and fail safe why am I still working at Citi, you may be thinking. I have a good gig. I’m happy and I get paid. Should Citi ever deem my employment no longer needed, that’s ok too. Should Citi ever do or mandate something that I don’t care for, no issue there, I’ll just walk. Simple as that.

I admit, its not always been that way but like I said, this takes a tremendous amount of time and its exponentially harder to do if you have kids but this is what Citi hinges on. They rely on your desperation, your continued need to have to have this job. The more desperate you are, the more you can be abused and strong armed to work crazy hours with the implied “or else” that’s aways preached. They are masters at telling you several things to enforce this. Key phrases such as “its a bad job market out there” , “better the devil you know”, “other banks operate just like this” and on and on. At times all of this is true, at times only some of it and at times none of it is true.

There are other job sectors to look into you know. Citi would have you believe that this is the only place you can ever work and this is the only place that would ever employ you. It’ll do you no good to ever look anywhere else for a job, this is as good as its ever going to get in your life. This is just not true so don’t buy into it.

Work hard, invest what you can, invest in yourself as well (skillset), be patient, network outside of Citi, take care of your heath and work toward the goal of having enough money to where you walk away anytime you want to.

First quarter of 2026

Out of curiosity I did some AI based research to see how and when a company must account for severence expenses under GAAP, taking into consideration 60 day notice periods, and basically they can incur the expense when they notify you so long as their is little chance of a reversal. additionally. if they have already made their lists for the first part of 2026 (q1/2) and are certain those positions are going away they can take the expense earlier such as in the $612MM hit we took this past quarter. So while severance expenses are expected to be lower by $700MM in 2026, part of the reason they can say that is that layoffs happening in the next few months are already paid for.

https://www.reuters.com/legal/transactional/blackrock-cut-around-250-jobs-latest-layoffs-2026-01-13/

Does anyone know if the bonus payout is similar to last years?

More layoffs this year

It’s coming

https://www.investing.com/news/stock-market-news/cvs-unitedhealth-cigna-accused-of-diverting-billions-via-shell-firms-93CH-4433238

Follow the money.

This begs the question of how budgets were managed in such a way to not only reduce bonuses and promotions but eventually cause mass layoffs.

richard baker steps down and now they need $1 billion to keep the doors open. get your resume ready!

Other than a lot of buzzwords, what the he-l does it actually mean?

Keep hearing tunors of AML/ Finananciao crimes cuts in 26

They say inflation is going down since 2023 but I still see everything breaking the bank including basics like groceries to homes. Stock market is predicting a recession next year by end of year. Taking careful financial steps and planning next year is the key to survive.

If there is a global financial reset like they are talking about, employed or not, we’re all in trouble. Half the economist don’t want to talk about it out of fear that it’d cause a panic sell of stocks, which in turn expedites it. The other half have been singing it from the rafters as a warning. IF it does happen, your dollar is worthless. Your paycheck regardless of amount will all be equal, the same value, nada. What concerns me is that economist all over the globe are worried about the same thing and are leaning more toward a “when” instead of an “if” it will happen. Thoughts?

It’s the most recent layoff in an ongoing pattern. The bank has filed 19 WARN notices for 461 eliminated positions, and 40 more workers have been told they will be laid off in January 2026.

https://who13.com/news/metro-news/63-wells-fargo-employees-to-lose-jobs-on-december-26-more-to-come/

• Nordstrom
  Clothing company Nordstrom will lay off 36 remote employees from its credit division, with the first termination phase beginning on Feb. 21, 2026, as the company transitions its credit operations from Nordstrom Credit Bank to TD Bank.

Nordstrom Credit Bank is located in Colorado but has remote employees in Arizona who will be laid off as part of the transition.

The Colorado location was not closing but would retain only a few employees after the transition, Laura Duve, of Nordstrom’s human resources team, wrote in a letter to the Arizona Department of Economic Security.

1. Fiserv is billions of dollars in debt
   2.profits dropped by 25%
2. Clover lawsuit class action lawsuit underway.
3. Lawsuit from 44% drop in stock underway. Billions lost
4. Investment in AI with no immediate revenue stream to support it.
5. Investigation by Senate on contracts
6. Media stock analyst saying do not invest in Fiserv

Starting layoffs at agent level in merchant and card.

Looking to apply to a job within the Omaha office...any insights on this and the teams? I've heard some horror stories from people who have worked at Fiserv but don't see Omaha mentioned much? Looking for brutally honest answers, thank you in advance!

Are we riffing 15000 employees to pay for Frontier? Does the deal make financial sense with Verizon’s debt burden?

In another thread someone said the field is being targeted with layoffs now? Can anyone verify this and how widespread it is?

someone eli 5... how did Fiserv win so many awards until last year and fall this hard so fast?

Word on the FIS layoff thread is that TSYS team members who are moving over there will be laid off this month.

Notification went out today to TSYS team members who will remain part of GP and will not move to FIS. Current legal entity is TSYS and that will shift to Global Payments.

Talked to two Grade 8’s - both in FI, who are extremely confident that there will be some sort of RIF this month, maybe 11/18. Sounds like a sizable cut.

Another person I used to work with in PI Phones, high up, confirmed. Anyone else hearing anything?