Realistically though? How many total jobs do we think will be cut?
20 replies (most recent on top)
@4png+1p3EcNbC hmmm here’s how mine goes, approximately… I’m a 58 IC
$151K base
20% bonus (from TDA) = $30K
Health benefits = $22K (was on your W2 last year)
TOTAL: $203K
That doesn’t even include the instantly vested retirement.
@4zbi+1p3EcNbC I'm a 59 PL and I wish my comp was at $200k. He-l, even my TOTAL comp package comes in under that. This company has a way of promoting from below for way less than hiring someone from outside would make at the same level.
1500-ish? Here’s my quick math…
400 Managers (@ $160K each) = $64MM
600 Sr Managers (@ $200K) = $120MM
(We have WAY more St Mgrs 58/59 than any other level)
300 Directors (@ $350K) = $105MM
100 MDs (@ $600K) = $60MM
= $350MM in salary savings
Im going with 1.5-2k. It will be significant but manageable. (whatever that means)
https://www.livemint.com/companies/citi-cuts-2-000-more-jobs-severance-costs-hit-650-million/amp-11697245352196.html
I guess one way for guesstimating the number is to work off the Citi example where we know both severance and the number of employees laid off? I assume that they follow the same two months pay/years of service formula for severance? It comes out to 650 million dollars for 7000 employees. Anyone has info on how much Citi plans on saving with the layoffs?
@1rnf+1p3EcNbC Is that base pay or does it include bonus as well? Either way it is really high considering that a lot of them not only don’t contribute much, but hinders productivity through red tape and petty office politics.
Directors make 250 and up, MDs 400 and up. With the two DS MDs that left back in July, the firm probably saved $1m easy.
Pay has been transparent thanks to Colorado law. See all postings on the internal job site; it shows the range.
@tmu+1p3EcNbC Not gonna save him though.
What’s the pay range for MD and director?
ive already seen someone who used to have a director title (who is complete garbage) get a new title of "senior manager"...
Fixing my math here ; that’s about 650 people, at $300k a pop, rounding up to $200m
We have over 500 MDs, and over 2700 Directors (PL and individual contributors).
20% MDs and 18% Directors would together result in over 1000 people right here. The “total” comp (including RSUs etc) for these folks is at least $300k. There’s your $300m.
20% MDs. 18% Directors. Not sure overall target, though.
- 5k-3k. Which would be 10% of total FTE at the high end.
they have back tracked on a lot of their stories. another post mentioned that RME's and BM's got informed they arent safe from layoffs.
schwsb opted to keep more SF floors open and kept Missouri open, so they're already not cutting back on real estate like they planned.
5% is probably the low end. the very lowest end. BCG isnt just looking at current salaries, they are looking at the people who will want more $$ in the coming year or two. "this person is going to expect a promotion soon, cut them now"...BCG isnt like schwab, they know what theyre doing
Since the announcement our org chart is down over 1k people. Id imagine another 1500 would do it
Sorry about the previous post. Text not showing for some reason.
https://www.thelayoff.com/post/@xfl+1oIcHjer
https://www.thelayoff.com/post/@1pao+1oIcHjer
Here are some decent estimates from another thread.
Post from TheLayoff.com
Post from TheLayoff.com
2k, with majority at the GL57 +
5k