All, massive layoffs in Risk and Compliance starting 8/25! Managers are not being busted down into individual contributors. That is a lie!!! Instead, they are keeping a handful of compliance managers for each Area based on current individual contributor headcount, and the rest of the managers are being laid off. So in my department, there are 12 VP Compliance managers. They are keeping 4 for now and the rest are being laid off. Yes, your manager knows about spans and layers and the list of who stays and who goes - it was finalized last week. If you have a Compliance Manager call on your calendar this week, be ready for the party. That meeting cadence was put on your calendar several months ago, for a reason and to make it look innocuous. Lambs to the slaughter, my friends. Also, the Chief compliance officers knew of the layoffs at the end of 2020. Originally, they were planned for the end of May 2020, but got deferred due to covid. If you were told you were getting a backfill, but nothing has showed up in the hr system and hr recruiting hasn’t contacted you, it is because you are being laid off. Sneaky bstards. I will never trust my manager ever again - has fed me constant lies - and my staff hate my manager and will leave soon - my manager will have less than 7 direct reports within the next few months. Pay back is a btch.
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Has it started? I saw poeple offline now.
Can anyone confirm if they are in fact the designated person for their group to communicate displacements and when they will occur?
All risk and compliance is Tuesday, 8/25. Controls is 9/22. I don’t know what the dates are for other groups, but they will be 8/25, 9/22 or 10/20. 3 waves in 2020. Who knows what will come in 2021, but our CEO has just started warming up his chainsaw. Getting rich while the middle class gets...
@1c, do you know which groups are tomorrow? I dont think we are on this date, but who knows in the future
No trolls posting. Just someone who knows what is coming. Tell me I am a troll next Friday after everything I posted about has happened. I am 100% telling the truth. If hr is present with the manager, mea culpa, but everything else is definitely in motion. Also, get copies of your mid year review, because wells doesn’t allow manager or personal references If manager still employed.
Someone in HR has to be present by LAW.
Maybe these are trolls posting
i wouldnt worry about it, these posts wont get people to quit cause they know they will get money for getting laid off. I will take the money if get laid off and get another job right away.
I cant imagine anyone quitting in fear of a layoff and leaving all that money.
It is being handled by the lay-off manager in the individual departments, so there is no standard meeting on people’s calendars. You manager or their manager will set up the meeting with you. Hr is not present. Managers read the lay-off script. They may have a group manager meeting if there a lot of managers in your group to lay-off. For example, if you have a reoccurring manager meeting that was set up a few months ago, then they may use that meeting to k–l several birds with one stone, so to speak.
@1ip, any insight to know if your one of them? I see a meeting on monday, but it is one never had before , then just regular group meetings during the week.
Here’s how it is going to work. Monday is going to be used by ER and the managers who are doing the lay-offS to have a check in meeting, go over all of the paperwork and make sure manager took displacement training and knows how to read and deliver the laid off script. There may be only one manager who is doing the layoffs for the department. Therefore, Email goes out to all managers who have staff being laid off on Tuesday morning. Those managers getting this email may be laid off themselves due to spans and layers. Managers doing lay-off delivers bad news during regular scheduled 1:1 or a group meeting by Thursday, 8/27. Tuesday picked because no one expects it, it aligns with the pay schedule and gives managers time to deliver the bad news over the week.:(
What is the significance of Tuesday? Why not a Friday?
The math works: 70 workerbees, 4svps, 4 managers, 8.75 direct reports each for now. The managers will be let go once the individual contributor layoffs kick off next year and their headcount falls below 8, or the surviving direct reports will get shifted to the 3 remaining managers. That’s if they don’t die from being overworked or stabbed in the back by their peers. So sad people!
sounds like managers first ones to go, at least many of them. I personally am not leaving any money on the table, when ready will go to higher paying job that can take me to next level.
Some of the assessents of the chain of events sound about right. i guess worst case is people walk away with 1 month pay minimum. They cant fire everyone unless ceo wants to start writing code too, doing business analyst work, risk assessments, working in branches, etc along with his regular duties
Commercial Bankers (wholesale), mostly "Core" staff (the former Business Banking Group), will be notified very soon. Too many customer relationships are being transferred to Regional Centers in the near future; there will not be sufficient customers left in the geographic markets to support staff. Management has recommended that employees develop Plan B. Management is jockeying staff assignments to reach the 1:7. They have all worked together in the past, so seem to be collaborating to reach the 1:7. Meanwhile, countless hours spent on maintaining compliance training and learning new programs; it seems pointless.
So am I just wasting my personal time working overtime at night and on weekends, with absolutely no appreciation for the extra effort? Canceling my scheduled PTO to continue to work on their "critical" projects while the other people on the project take PTO time? Seems that way.
If you had 12 managers and they were managing 5-6 people as per the OP, then you had at least 60 staff in total. If you’ll be keeping 4 managers to manage the 60 staff that’s a 1:15 ratio. It seems too high, which means that a portion of the story here is likely missing. My guess is that the part that is missing is that there will be staff cuts as well and the resulting org will have 4 managers for what I’m guessing would be 30-40 staff max. Either that or the entire story about going from 12 managers to 4 is not true.
So... honestly I never believed fully on what was posted on this board. However, I have to say those dates especially 10/20 makes sense since some departments require finishing year end review before October!
Spans and layers cuts are going to hit every group in the bank by October 2020. They are getting rid of the managers on 8/25, 9/25 and 10/20. Individual contributors with mid year review ratings of 1 and 2 will be let go on those dates as well. There will be more layoffs next year constantly as well, including people with ratings of meets expectations (for example, you job can be automated, is duplicative or can be outsourced to India). This is not a 1 and done deal. For example, as soon as the consent orders are lifted in Risk and Compliance, there will be more mass layoffs. Compliance has 5,800 people now. 20% of Compliance is being cut in 2020 through attrition and manager cuts. Plan is to shrink compliance to 3,000 to be in line with JPM over next 2-3 years or as soon as they can get away with it. This is why Roemer left. He didn’t agree with our CEO’s focus on cutting compliance, because he thought it would lead to rule violations and wanted to get out before he got blamed and ended up sharing the fate of His predecessors.
@1d, what are the other groups getting let go?
Any updates on retail bank and district mgrs as well as coaches?
Spans and layers cuts in the control organization are scheduled for mid September. Date I am hearing is 9/22. Last Tuesday of the month. They are doing the cuts in waves to manage the return of laptops, and severance packages the ER people have to put together. Risk and compliance is 8/25. Other groups are 9/22 and 10/20. I cant you how I know but I do am telling you the truth. I am not a troll and my heart goes out to everyone who is going to be impacted. This is so awful - makes me sick to my stomach.
@1hp is Risk/compliance include the control organization or just straight compliance?
Thank you for the reply. My manager is telling me he knows nothing and is in fear of his own job. Some other changes have recently been announced with centralization of tasks and my manager has not been at the table, so I am very concerned. I was a top rated employee prior to accepting the new role and am now considered middle of the road as I was in the role for 4 mos. The role I accepted was a backfill for another manager who left so I don’t think it was a set up initially as I applied on my own, but it seems management has not been paying attention.
Is this only for Risk and Compliance or is it company wide?
You got hired because they want to get rid of you And set you up. Or, you may get some other manager’s direct reports and that manager is on the chopping block. This was all well thought out by management 4 and 5 levels down with HRs input. Remember these cuts were supposed to be executed at the end of May and were postponed due to covid. I can tell you this, don’t believe a word that your management has said to you. They have been lying to us and withholding information for months. They want us all to go quietly like farm animals to the guillotine.
I was a VP in an associate manager position, and got hired as the next tier up manager in March with 6 directs. I was supposed to have 7 and I am managing 7, but was told in April they can’t make changes due to a freeze since COVID. Why would they hire me if they knew that position was done? Also, I did hear M.N. say on the last call that 7 was basically not the kiss of death, there would be some with less than 7. Am I screwed for taking a promotion? It sure feels like it. :(
FYI, the lower level managers are a mix of AVP and VP, even after the title changes. If they have Associate Manager in title, they would be AVP.
Yes. That is why some managers got backfills and others did not. If you have less than 7 and did not get backfills, you are done. As M.N. Said in her last all hands call, how else do you think we are going to save $10 billion?? All of this was planned and by design.
OP, where did this info come from? What is the source? Is it all managers managing less than 7?
Wrong. Some of us know. There are senior people who have access to the information and the people making the decisions who have loose lips. Loose lips, sink ships.
The lower level managers (AKA VPs) don't know yet.
I am not being let go
You don't trust your manager... but you think your direct reports will leave just to seek revenge.. for you being let go..?
H e l l o
Get your big-boy pants on, have your game face ready and find another job. And if you don't get let go next week help those that are with connections, leads, positive words. Remember its not the end of things, its a fresh start.
"Suffering becomes beautiful when anyone bears great calamities with cheerfulness, not through insensibility but through greatness of mind." -Aristotle
They are managing 5 to 6 people. They got meets expectations for mid year reviews. Decision is being made by head of department and if they like you and want you around. Plain and simple politics!!
@OP just curious what is the ratio of single contributor to manager in your group? In other words, how many people are those 12 VP Compliance Managers actually managing right now? How effective are they?