I swear, as soon as one month starts nearing its end, rumors start circulating about more layoffs coming the following month. I should know better by now than to buy into it, but I can't help it. I worry. So any chance somebody knows if there is any truth to this or is it just fear that has people throwing out unsubstantiated speculations?
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Who knows? I’d like to get out but I have too much in RSUs to just leave on the table. If they RIF me they have to pay that out on top of severance so best I can do is just weather the storm.
But I’m probably one of the lucky ones. It pains me to watch what they are doing to less fortunate teammates who are don’t have those same safety nets.
I had heard layoffs were planned monthly. I think they are spreading them out month by month so they are not getting any sudden negative press for laying off 10,000 people during a pandemic. I don't think management understands how these drips of continuous bad news among the employees is destroying morale and consequently productivity. People are living in constant fear of being fired and your best bet is to look for another job. Get out while you can and save your sanity. The people who remain will be either total psychopaths who feel nothing (and will stab you in the back to climb the corporate ladder) or completely inept or terrified people frozen in the job because they have no other options or "feel" they have no other options. None of those groups of people make for good coworkers.
There will be more layoffs in January, more than what you saw end of year. Many employees who wait to take their vacation year-end has helped stall RIF's until January because these people are needed to cover while they're away.
Integration will be the bank's big focus 2021. It pledged $1.6 billion in net cost savings by the end of 2022. This year's goal was to achieve $640 million in net savings, surpassing the $1 billion mark in 2021. To get to that net cost saving, synergies, many more layoffs must happen.