I know people are getting cut at the end of each month, but that can't last forever. They have to stop sometime. I'm wondering do we have any idea how many have been cut so far? The originally announced layoffs in April said 800, but by now it's been that and then some. So what's the total they're aiming for and how close are we to getting there?
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https://www.bankingdive.com/news/truist-posts-11b-profit-continues-merger-related-job-cuts-and-branch-clo/587112/
100 branch closures by January...i dont think those will be merged. I think more layoffs at 800-1000 a quarter will continue through 2021
And the hSuntrust CRE and hBBT RIS is probably not going to count as a "layoff" since they are departments that are sold. So i think those numbers are skewed low.
I heard some will be complete departments, they already laid off many but the skeleton crew left will be there for only a short time while they transition. Those are the ones working their tails off. So much for transparency but doesn't come as a real surprise, does it?
Remember those of you in the BB&T world October is always the month for massive layoffs. This October will be no different and there will be some shocking surprises. Some HSTI and HBB&T that you didn’t see coming!
Any offers forthcoming to encourage teammates to retire?
just an offer for those over 55 instead of being RIF they can choose early retirement.
Any offers forthcoming to encourage teammates to retire?
They aren't going to officially release numbers...and the departments like SunTrust CRE and BBT RIS departments probably won't even be included in the official numbers because those are sales.
But look for 2020 to be back office duplications RIF and anything they can outsource. 2021 and 2022 will likely be focused on branches. For the most part it will be 800-1000 a quarter but SunTrust CRE and BBT RIS departments together are probably more than 800 and those were both announced recently.
What has been the most disheartening thing to me is I was fooled into thinking Kelly King’s messages were sincere, that he actually cared. I feel so stupid now. Anyone who has witnessed what has/is happening, knows his actions do not follow his words. We all understand that mergers are tough, what I am referencing is comically bad treatment of employees.
I personally know people that were RIFd seven days before Christmas!! Seven days!! I know client facing employees RIFd that were in good standing, despite promises their jobs were safe!! And the beat goes on and on, keeping the threat over our heads with no end in sight. All of this is underscored by so much wasted money and excessive executive bonuses; money that could have been used to save jobs if the executives cared one bit about us.
The only admiration I have left for Kelly is how he keeps from busting out laughing when delivering his monthly motivations to the very group he is treating so poorly!!
Truist won't release any numbers, they have been in the process (RIF) reduction in force since late 2019. they will be many more layoffs by end of year. That does not include the people exiting Truist on their own as the culture denigrates and moral at an all time low. There is no honesty nor transparency.
Anyone that has been part of the RIF can tell you how evil their managers handled these layoffs with no concern or sincerity for the employee. The emotional turmoil for existing employees must be awful waiting to see if you next. I'm so sorry for all of you and wish the best and hope you can get out soon rather than waiting. No good will result from this and karma will prevail.