When are they going to communicate what is going on with the Denver office? Rumor mill is running wild with information, but nothing from corporate.
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@wwdf+1tcv2r1u I’ve been thinking this exact same thing. Where is everyone? Are they all being secretly laid off? Are people just fed up with the bullsh-t? Where is everyone? Am I next?
It’s nerve wrecking. Good thing TIAA is best company for mental health 🙄. As soon as I meet my $6,000 deductible…
Is it just me or is every week there less and less people in the Denver office.
Like it feels like we don’t even have to use BookIt anymore, desks are aplenty on most floors. Makes going in to the office for “collaboration” almost pointless.
Wish they’d make the damn announcement. Prove the rumors and stop the pointless need for folks to go into a half empty office just to meet a 3 day average that senior leadership doesn’t even abide by.
@wsnd+1tcv2r1u This! hoteling is by far the worst thing for morale at this company.
They preach collaboration asking people to go in the office minimum 3 days a week (though T and EC and others very high up don’t have to go in at all only us peons)…
Anyway, not knowing where someone sits to be able to “collaborate” with them because no names on the cubicles and isles is both challenging and depressing and it is toxic.
The good days at TIAA are long gone. I miss Roger, I really miss Biggs. Heck I miss even to a certain point miss Herb (RIP).
My heart goes out to all of our Denver associates who are struggling with the unknown and rumors. Hopefully you all get your prayers answered whatever they may be.
I had to leave, I couldn’t take it anymore. When I walked in and saw no one‘s name along the cubicle isles and just numbers, it was too much. T has ruined the company. Been there a long time and saw it going downhill.
I’m so sorry for all my friends that I left behind. Roger was the best president ever.
Any news on the announcement ? Also what will be our options , do we have to move immediately ?
@hybu+1tcv2r1u
I agree the math doesn't look like it adds up until you look at possibilities.
Ex. Administrative phone center becomes full self service model like Empower. This supports efforts to scale plan document information online allowing plan sponsors to submit a request that automation can handle. Same will hold true with operational processing - cash in/out. Automation from Accenture plus possibility of moving those employees to Accenture to bridge the transition. Then you have to consider any job over the past two years that had openings and almost none were filled by Denver people.
These are just some of the options in play. Consider the Charlotte setup. There are more employees than space in Charlotte until the hybrid model is factored in. On any given day there is the possibility of a full Charlotte office, including some who are there for half the day before returning home. Space is always available under the hybrid model.
@htnh+1tcv2r1u
…You had me until you said “all Denver jobs eliminated or moved to Texas.”
There are 1600+ Denver associates. Wave 1 Frisco has 600 moving for those who already live in Texas/report to FSO or Lewisville (not sure about numbers for waves 2-4).
So not all Denver will be asked to move nor laid off. The math doesn’t math to get rid of 1600+ people. Sure Denver NCC can move to TX or be replaced by others in TX but hard to imagine letting the 1,200 remaining go with packages. Talk about shooting yourself in both feet…
Some jobs can’t go to Accenture but I guess they will move them anyway and then realize they done F’d up.
Heard the same about August. Full announcement of accenture deal, Denver office closing, all Denver jobs eliminated or moved to Texas.
Without a relo package, it sounds like they just want Denver people gone.
@gebd+1tcv2r1u
Is the severance only for those being laid off (not asked to move) with no severance package offered if you are asked to, but decide not to move?
Not having a relocation package was expected but is painful to bear for folks with kids and mortgages/rental contracts, especially if others get severance packages.
Announcement to be made on August , severance to be paid as per your tenure . You will be give. 2 months to decide if you accept the offer to move to frisco or not . Post that 4-6 months to finally move to frisco . No relocation packages will be offered and Denver lease will be over by end of this year
So, I may be in the minority here. But I honestly think HA (RIP) was a better CEO than TBD. He didn’t lay off nearly as many as she will wind up doing so with a new office opening having folks move their families hundreds of miles away and then get discarded like a used napkin.
Of course Roger was one of the best (maybe the second best) we’ve had sadly at 72 he ain’t coming back.
The Chicago office is in the midst of a major renovation and space is severely cramped. It’s a legacy Nuveen office and will always be the main Nuveen office as the company has 125 years of history there. There was a push to become more NY headquartered but with CEO in Chicago, the power will swing back to Chicago I’m sure.
Most of nuveen's political power resides in New Jersey / NYC. With the new CEO residing in Chicago, I'd imagine that the chicago office, over the next few years, will slowly get more political power. Currently, open roles at Nuveen are available to all TIAA locations, but TIAA roles are not available to the Chicago office. After the TIAA acquisition, the Chicago office has slowly lost its clout over the years.
As the person a couple posts below said,
“Everything is getting more expensive and no raises. Swimming in debt….”
Same here… and if the option is move to Frisco or I don’t have a job, well… a snowball has a better chance in he-l than me moving to Texas so I guess I’ll have to cash out my retirement too since we probably won’t be offered a severance package.
So many of our years wasted at this company to be thrown out for T’s desire of “office life” when we proved successfully that we could WFH for 2+ years without issues with MORE collaboration from home than in office the last couple years or decades before the pandemic.
I was thinking Chicago was going to be next. But the new ceo sit there. So that only perk so far.
To the institutions and investors — TIAA is ruining their employees. YOURE NEXT. WHAT ARE THEY GOING TO DO TO YOU!!??!?
I’m sorry to everyone in Denver that is going through this and hope that us in other sites aren’t next.
As the person a couple posts below said, it’s way too late to get into schools. I don’t know about TX, but in Denver the process for getting in this August started last year.
This is wonderful news. The EC and Thasunda get millions of more dollars per year and my family isn’t getting by week to week. Everything is getting more expensive and no raises. Swimming in debt. Now I might lose my job and my house! Guaranteed retirement for all (if you make it that far)! I’ll probably have to cash out mine.
TIAA definitely deserves these awards for best place to work, best place for parents, etc!
Is the announcement taking place this week on Yammer?
@dhnk+1tcv2r1u
So ummm. It’s already too late for kids to get into most schools now in CO or TX… Plus the housing market su-ks so trying to sell in Denver with these rates and find a place to buy or rent in Frisco (in the massively overpopulated DFW area) would be next to impossible. But then again TIAA EVPs seems to always F -ish up anyway so I wouldn’t be surprised it happens again like that.
My guess is they will wait until Wave2 at least. Meaning Denver could be safe until January 2025 (may end the lease as of 12/31/2024) have people be remote or in Broomfield until they’ll ask folks to move or be let go so folks can plan the move. But they missed the boat to accommodate anyone moving to Frisco for Wave1 even though it is Q3.
I have not heard of other locations as an option because TIAA has a capacity limit in their agreement for the Frisco office. Charlotte is at near full capacity - but given the choice I’d choose Charlotte over Texas though that is like trading damp a-s for swamp a-s. However with the goal of moving 30% of IT jobs to India so Sastry can get his bonuses, that may open up space.
In the end, Denver associates are dead men/women walking. The reference to this week is based on after the 4th holiday, month and a half to get kids registered in school for those who move, and they just had the Frisco sign unveiling a week and a half ago. All part of the pattern for the EC. The final straw was the internal announcement of the Frisco unveiling. The initial memo said, “TIAA now joins the Frisco skyline with NYC, Charlotte, London, Mumbai, with no mention of Denver. That sentence is no longer part time d that article.
@dbbf+1tcv2r1u “Everyone else...grab your boots, brush up on your country music and saddel up partner”
Yuck… thanks for the mental vomit. I can’t imagine doing my weekend hikes in those humid temperatures and sweating like a pig. Plus no snow!?! Forget that -ish.
Of all the jobs I’ve had at TIAA they could have all been 100% remote. Week before last I went in 5 of 5 days, spent literally only 20 minutes of the 40+ hours “collaborating”. But yeah let’s spend a tons and tons of money on a new building for the 3 day hybrid life.
If they lower pay rates and don’t offer any relocation benefits for anyone to move from Denver to Frisco it sounds like TIAA will lose a ton of talent and will keep shooting themselves in the proverbial foot while stumbling over two left feet until another company swallows them up.
Until then I wonder who will be let go, who will stay and move (only to be laid off shortly after), and who will stay and be saved with remote work.
Easy to see it's over for Denver folks. Check out how many job posts there are for Denver - exactly 1 as of today and it's with 5 other sites - no chance it is filled in Denver. The lease will be terminated and if you are "lucky" you will have the "opportunity" to move to Texas to keep your job (probably at a reduced pay rate). The few support function staff that are left in Denver for things like finance, HR, marketing etc. will probably go to remote work or perhaps a greatly reduced office space in some random spot. Everyone else...grab your boots, brush up on your country music and saddel up partner!
@cagt+1tcv2r1u
Interesting you say this week… you have some magic 8 ball psychic powers?
Curious as to why it is Frisco only? I mean why not ask folks to move to another hub site like Charlotte, Chicago, NY where the rest of their teams are.
That being said I hope you’re right. Denver folks have been put through the wringer and deserve to know their fate sooner than later. Most of the folks I talk to won’t move. A few would but are worried they won’t last long and be fired shortly after moving their whole family out there. I even know one or two actively applying elsewhere just in case.
Either way I’m sure T and her cronies don’t expect that many people to agree to move from Colorado to Texas. Based on license plates alone there are thousands of transplants from Texas in Colorado and North Carolina so the trend is moving OUT of Texas not into it. Homes are cheaper in Charlotte than Frisco too. Less population in Denver and Charlotte combined than DFW.
Texas will probably finally fulfill its lifelong dream and secede from the US to be its own country pending how the next election goes.
May the odds be ever in your favor Denver associates.
We are all doomed with the great Thasunda because if the board did move to get her out she’s be laughing all the way to the bank. Don’t work too hard folks you will get nothing for it. In fact forced performance improvement plans and they need as many people as 2s and 3s to keep your $$$ as low as possible.
Denver will find out this week its fate.
Employees will be told they have to move to Frisco or leave. What is unanswered is whether there will be severance for those who do not move to Frisco. Other unconfirmed piece is (1) is your job relocating to Texas; (2) is your job being eliminated. If the former, then possibly no severance since “you are not losing your job”; the latter would be a job elimination so possible severance or no.
All TIAA under Thashunda has been counter to her message of bridging the gap of retirement. She has done nothing close to what she has stated publicly or to the board. She is also seeking an 10% raise per the new board votes.
Good luck to all… She has turned TIAA in to JP Morgan and fulfilled her goal to be Jamie Dimon
So Denver isn’t a hub anymore, hasn’t been for at least 3 years even was excluded in the Frisco update last summer.
I wish they would just put Denver folks out of their misery (like get out the lease and let them work remotely full time) sooner than later… It costs so much to commute/park downtown, plus fears of the violence nearby or via the commute. I’m sure a few folks could even sell their cars if they were fully remote. But “collaboration”… which is a bigger joke of a buzzword than Lean/Agile being implemented here… especially when senior management is exempt from having to work from a hub office.
I would say someone should ask about it at the next stay in the know but evidently based on past track records, we won’t get a legitimately good answer either.
Rumors of Denver's demise have been swirling for at least the past 10 years. For a long time, it's basically been a slow bleed of attrition with new and backfilled roles being shifted to Charlotte, Lewisville etc. That said, given the apparent financial issues at hand (purely opinion/speculation based on the chatter on these boards), if dumping the lease may be a large enough cost savings that they go ahead and pull the plug. There's not really a strategic reason to be in Denver at this point other than the fact that the City and County of Denver is a client. Either way, there's no upward opportunity in Denver - at best you get to hold on to your job and toil away in obscurity with those back east thinking the garage is full of covered wagons and buried in snow 11 months of the year.
Lease up in 2029… could get out early due to the owner defaulting. If that’s the case Denver should be either converted to Remote Flex/fully remote or they’ll need to reopen the other half of Broomfield office or maybe lease a couple floors somewhere in Greenwood Village.
Some of it depends on the other posts about that other RK services project that seems to now be delayed.
Doubt they ask anyone to move to Frisco as it would be on the associates dime (extremely doubtful anyone will be offered a relocation package regardless of talent/tier level). So seems they will phase out jobs as people retire/resign or go to other companies and rehire those roles in Frisco.
I’m with that other commenter. If anyone moves to Frisco they will likely be terminated within a year or two max. Probably because pay is higher in Denver than Frisco. Just like it was in NY for the Charlotte moves and H.A. layoffs some 20+ years ago.
So don’t move there just to keep a job, do what’s best for you and your family.
The lease is up in 2029, not 2025. The owner of the building defaulted last Winter on the commercial loan. TIAA probably has an escape/buyout clause that lets it out early.
It could be worse, Wells Fargo building across the street are even more under the water.
Um, the lease is up in ‘29? T may terminate it early but would pay a hefty fee to cut it in 2025.
Frisco is not an option for most folks in Denver. Going 5280+ feet in altitude (pending where ya live) in a dry and cold climate - to what 700 feet above sea level with insane humidity and no snow (snows more in Charlotte). All while on a Texas based power grid that can fail on any given time while the state political leaders go off to Cancun… then be fired a few months to a year later with zero relocation or severance benefits makes no sense at all.
Reminds me of Herb laying off hundreds that relocated to Charlotte from NY.
T would break his record there on that, guaranteed.
lease is up in 2025. Pack your bags for Frisco.
What’s the rumor?