Massive Cuts at US Bank

I’m glad OP posted this. I’ve pasted a copy of the letter from the US Bank CEO to his employees, announcing layoffs, below.

The reason this is meaningful is because THIS is how most responsible (and human) CEOs of large corporations reach out to their teams when they’ve decided Layoffs are necessary. It covers all the bases that would be expected of a CEO who knows how to lead an organization. Did I miss such a communication from Charlie? So far, I’ve only gotten my information from the press.

We are in the Twilight Zone of Lay-off Land; with a distant, cold, non-communicative, apathetic CEO.

10/012020

This email was sent to all US Bank employees.

Focusing on our future

Team,

During the past few years, we have taken many steps to position our company for the future. We invested in technology and digital capabilities, adjusted organizational structures, hired new leaders and challenged our thinking on what customers and employees want and need from us. It wasn't always easy, but we knew this work would help us meet changing behaviors and expectations while creating value. Thanks to your collective efforts, we were ready to take on new opportunities in 2020.

Although the pandemic interrupted our plans, we are now living in a "new normal", and we need to continue to evolve and adapt in order to remain competitive and relevant. Customer behaviors, preferences and expectations continue to change, and many of the trends we saw before COVID-19 have only moved faster during the pandemic. Like many other companies in our industry, we need to be ready for what comes next.

During the next several days, you may hear about changes we are resuming across the company that had been paused earlier this year while we focused on our COVID-19 response. Most of the changes are happening in our branch network, while we are closing branches as previously announced - including a number of locations that had been temporarily shut down during the pandemic. There also will be some operational changes in other areas of the company that are necessary as we continue to transform to serve our customers. These are not easy, but they are made with long-term success in mind.

Some of our teammates and colleagues will be affected by the changes we're putting in place, and our focus is on supporting them as they transition to new opportunities. We are providing extended notification periods and severance benefits to assist during this time, and we hope that many of them will be able to take on another role in the company. We expect to have many open roles this fall and have a process to prioritize their applications for review and consideration.

I am sharing this message today because I've promised to be open and transparent with you - whether we are talking about the pandemic or how our company is doing. Our role as a bank is evolving, and while we are closing some locations, we are also opening new ones in other locations and investing in existing, as well as new, markets. We continue to enhance our digital offerings, and we are working to make banking easier and faster for all customers - while still providing the expertise, advice and personal connections they expect from us. We are a growing business, and we must continue to invest in what matters most to our customers while improving their experience and your, as well.

We are a strong company with a promising future. I appreciate your understanding and engagement, now and every day.

Thank you,

Andy Cecere
Chairman, President and CEO

2 hours ago by Anonymous | 832 views | 3 reactions (+2/-1) | 2 replies (last 1 hour ago)

Thread regarding Wells Fargo & Co. layoffs

15 replies (most recent on top)

Post a reply