Something is happening today, is it the bank reorg?
48 replies (most recent on top)
@k7 you might want to research 'Pay in Lieu of Notice". That's why those layed off are still employed for 60 days after notification.
lol! The whole purpose of the WARN act is to give employees a 60 day notice. USAA is doing some shady s#*t.
How many impacted in aml? Have missed call from my boss been out for two weeks.
@fr It's not new. They've been laying people off from Bank Ops since April 2023. The Bank's goal is to manage portfolio/program/project at Bank PMO level so expect individual PM roles to be eliminated by Q2.
Bank ops got hit. Su-ks because really good people were impacted.
So much for the promises of "augmenting" our workforce with contractors. I doubt any offshore or H1B people from TCS or HCL were let go.
@bs I mean tweak a few details and that basically describes my situation perfectly
@bm Wow!
@cw P&C is much better, just ask them about how loooong it’s taking to modernize
The Bank's current architecture, especially within the CTO organization, raises serious concerns about employee competency. A notable observation is that this area appears to be staffed with a high proportion of mediocre employees who receive compensation exceeding $200,000 per year. Majority over 90% of these employees are unable to pass any professionally conducted architectural certification exams, such as those for Google Cloud Platform, Amazon Web Services, or Microsoft Azure.
Similar patterns of inadequate skills and qualifications are evident on the IT side of the Bank. The majority of employees in these roles are considered incompetent and reportedly lack the ability to pass professionally administered tests relevant to their positions.
Issues are present within middle management and the EMG. Many individuals in these roles have not worked hands-on with core technologies for several years or decade. Despite this lack of recent technical experience, they continue to command high salaries and retain their positions within the organization whereas employees in the frontline serving members are laid off.
@bs elaborate? What’s there to elaborate that isn’t obvious? The organization views these employees as high cost and/or low value delivering employees. Mix in not aligning to culture strategy or conflict with boss and that target gets larger.
There’s literally 4+ years of a consistent trend of this.
@cj yes. It’s been the trend for the last 4 years with all layoffs.
@bs can you elaborate on why these attributes? Are you seeing a pattern with groups around you?
@bq let me guess the one person axed has one or more of the following attributes:
- has 10+ years at USAA
- makes $165k or more
- been on fmla
- has a JAR
- there’s a personality conflict with their boss
- remote employee close to a campus
@bp thy haven’t done a warn notice for years. Also, the employees aren’t actually laid off for 60 more days. So the notice wouldn’t even go out for 60 more days. This is a notice of layoff.
So how did they decide who to axe? Some teams are deemed irrelevant, so that's understandable. But there are teams where only 1 is axed. What's the criteria?
@bm how come there was no warn notice for such big numbers?
anyone knows number of people impacted in each org?
@there were more than 600 impacted in enterprise AML alone. AML Consumer investigation alone had 200+. Blood bath …
Great callout and reminder about internal Slack! Please be wise and do not comment anything there, for your own job safety. To be honest at this point the internal Slack (aka your voice) is worthless and pointless, and can only do you harm unless you say positive things only.
@ae , Where in Financial Crimes? I work there and am OOO out of the country, so didn't bring laptop. Really bad news. I work in the data side.
Internal Slack is monitored, and I dare not say anything there.
no one is talking about it on internal slack, this is weird af
IT Org in general is hugely affected. Different kinds of groups in IT, more than 100's for each group. oh wow, it's a bloodbath in IT and that's just for today's announcements.
@b5 is that AML FLOD or SLOD?
A lot of AML layoffs
Bank Ops to trim size of PM org as roles and responsibilities are going to aggregates upto Bank PMO which is also on plan to be cut by 15-20%.
Is it just banking side or is PNC gonna see something too?
@aw hopefully its nothing.
@aw that’s a layoff
I just got a 230pm 1-1 with my ED.
Guess that isn’t good.
Was just told bye bye and the entire team, including managers and directors in AML Ops. It appears that most remote employees. Just terrible 😞
Employee Relations and HR a should do some of their own cleaning! Starting with the ER boss. That alone would be a huge cost savings.
Any impacts to lending ?
Same-day 15-minute lunch-time huddle scheduled w/ the AVP in EDAO. Could be to discuss further re-org/layoffs.
@a6 Good luck to you
A buddy told me it’s like 400+ across the company. Good luck to everyone.
So far, I know people in Omnichannel, Bank Operations, and Financial Crimes got notified. The rumor is that this end of the month layoff trend will continue at the end of every month into Q2
Jeethu got eliminated, tech teams being split between Pankaj and Nok Hoss. MIAM is moving (back) to Bank. Layoffs in other areas but he didn’t say where.
Layoffs being announced to AML surveillance managers right now.