People have been reporting small groups being laid off for weeks now. Any updates on that front?
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@2naf+1w3K9Kpq The rap song was supposed to bring in a bunch of new money…
So with this master plan by HR to consistently reduce headcount and expenses, is there an actual plan to increase sales or assets?
Also, who do they think will do all of the actual work once headcount is reduced to target levels, management!?! Bahahaha
Just wondering, has it been the board of directors’ ideas all along? I just hired these people as executives to come and make the changes?
No one said anything about "mass" layoffs. "Major" layoffs was mentioned, of which I'd say fits your description @1yzc+1w3K9Kpq. CUMULATIVELY expect a MAJOR reduction in workforce across the organization sometime in 1H2025.
Some written by HR.
The EC has been clear that they have a specific expense number to hit for 2025. If they can't get there without headcount cuts, then headcount will have to go.
Avoid the fiction of "mass layoffs". There is no centralized, coordinated decision making. Realistically, every area may need to cut heads to hit their expense target, but it's by area. So you're not going to hear about Date X where 1,000 people are all abruptly called in to meet with HR and walked out the door.
The good news is that to achieve savings, you need to cut heads as early as possible in the year, so we should all know our fates by St. Patrick's Day.
All conjecture here based on financial disclosure data but just look at the trend.
YTD net income is currently -$462mm. Historical trend since 2023 projects we’ll probably have a quarterly loss of another $150-160mm, bringing the YTD loss to ~$610-620mm (was -$674mm last year).
Quarterly general expenses continue to run in the $330-410mm range, and will probably come in somewhere similar for Q4. Assuming the bulk of that is payroll, it only makes sense that to cut those expenses TIAA will have to let people go, which tracks given the “spans and layers” analysis they are currently undertaking.
All “back of the napkin” analysis and conjecture based on the current expense mgmt exercise. Take with a grain of salt…
Any additional info on the “major layoffs@ expected in Q1 2025? I thought after the Accenture deal things would cool down for a few months, wouldn’t surprise me if that turns out to be true
Maybe so…
But TIAA has been doing a “spans and layers” analysis with the expectation that “major” layoffs occur in Q1 2025.