Layoffs in Technology have already started (Rubina, etc); and, October layoffs will NOT be limited to Managers...
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JZE great points, I'd argue contractors help us scale up and down on specialized type work with short durations.
@jze - lift the consent order / along with getting the cap lifted should be number 1 on the list
Maybe 10k total out (not just tech) in q4 with the election but multiples of that early in 2021
Please stop spamming the same post in every thread. Troll.
Yep, Saul confirmed layoffs, and it sure sounded like it's going to hurt a little now, and a lot in 2021.
You should have some respect for the folks affected and not publish names. Be a professional, you fool.
@jze+16FXW8Y1 BS, there are a lot more ways to cut costs without destroying the place. That's quite unimaginative and lazy. Cutting contractors, sell off some of the real estate, make telecommuting permanent, stop leasing buildings, stop buying 12 products that do the same thing.
Based on what information?
To reduce expense by at least 10 Billion per year they need to:
- Eliminate on shore jobs(40k to 50k) approx
- Get rid of all contractors(and third party)
- Transfer at least 50 % of IT jobs to Offshore(India, Asia)
- Eliminate Bonuses for at least 2 years
- Eliminate Divident for at least 2 years
- Lift the Consent Order
-
Get rid of unnecessary Benefits.
If they can accomplish all this in the next 2 to 3 years, then I think their stock goes up to at least $60 per share and C.S can retire a happy man by 2023.
It would be naive to think layoffs over the next several months will be managers only. That's just the start to flatten the org and reduce fairly big expense. It's absurd how many managers (and not necessarily lower end) there are few employees. But there quite a few employees they will likely lay off too as they move more to India.
Cool glasses. For a min I thought it was Martin Scorsese
If your team has more sr. Staff than middle and entry you’re at risk too.
Agreed. No one is safe...
Look Saul literally just said this morning layoffs for spans and layers is happening in October; that was all he specified and to be clear, does not mean only managers would be impacted. It’s a free for all, people are just sharing actual confirmations vs rumors.
Someone here said SVB admitted managers to be cut in October. Pretty sure the October date is solid; but, all of Tech being reviewed for release, not just the managers.
I mean, September wasn't just limited to managers either...You could make the same comment each month.