I was talking to my manager and he let slip that we most likely won't have major layoffs because they're too messy from a PR point of view. That leads me to believe that we'll continue having small layoffs that fly under the radar indefinitely. This is just my guess, but it seems very likely in light of things.
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this post is bogus
If you all think small/minor RIFs are something new then all I can say is, you have not been paying attention for the past 6 years (since merger) and even before. You can plan on continuing RIFs a couple times a year where there will be 10-100 people let go over a period of a couple months. This is just the way Truist operates. No group is ever exempt, just maybe bypassed this round or year but your turn will come.
What I have seen that is a bit different is that HR or some lacky is basically telling line managers who they must let go. It use to be line managers had the final say when told to pick X number of FTEs to let go. Not anymore. Now someone in the food chain is saying pick 4 out of these 10 names that you manage of which will be RIFed. Whereas it used to be pick 4 out of a group of 50.
@f1 Mike got the Fiserv job because he cut a bunch of people at PNC working with McKinsey and his golf buddies and promised the same to a company who knew sooner rather than later their numbers weren’t gonna hit and needed to go into cost cutting mode.
He is very good at selling the perception of being a nice guy and a lot of people buy it. When in fact, he’s an absolute ki-ler who denigrates people behind the scenes.
I can confirm he’s onboarding the same people that he used at PNC and Fiserv here - through some backdoor channels mind you.
A blood bath is coming but he’ll put on the aw shucks ain’t I a nice guy routine till the kn--e starts fully dropping.
@aj This doesn't align with the top performers that are being terminated. It's all about cost cuts to window dress earnings and hide the lack of growth (presumably until AI growth and efficiency initiatives show results)
@e0 When you have to hire a consultant, you're just acknowledging you don't have the knowledge to do the job you're being paid to do
@bg he can f-ing have them.
McKinsey is the worst thing to happen to banking since before the capital one guy. They’re masters of marketing their “advice and counsel” but destroy any sense of culture and corporate identity. I remember decades ago major bank in PA followed their advice…. Less than two years later the CEO apologized to the employees and undid it all. Then sold to first union. So maybe there’s a tale to that tape…
@av Mike LOVES them
Why would anyone trust McKinsey ? Is there anybody here that remembers the check sheets we had to do? Not exactly sure the name is correct, but we had to keep a sheet tracking every time we were interrupted at work. We had to update it every 15 minutes. It was the most absurd thing I ever experienced at work!
Business as usual.
@OP yes. Underperformers will be worked out. No more hanging out at work anymore
Wishful thinking. I hope you’re prepared for the mid-November RIF wave, which will impact all business units.
Mike plans to cut small teams based off the current McKinsey study he’s having done (doesn’t do anything without their input). From there, it’ll be a 10% cut via forced rankings and we’ll be asked to emphasize this is part of achieving a meritocracy.
He’s also working another efficiency initiative through procurement right now that will have a lot of cuts with it - but we will also overpay for the consultants