It is February 2021, 2020 performance reviews have been completed, bonuses have been paid out, so why have they not pulled the trigger on layoffs yet. What are they waiting for? Seems really quiet right now. Is something else going on? Is C.S. Leaving because he got a cut in pay and now he is mad? Really, what gives? So far in 2021, Fidelity investments, BNY Mellon, JP Morgan, Td Bank and many more financial services companies have laid off employees.
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Informed today that it's coming this month for our group.
I’m waiting on more branch-related layoffs. My assumption is that a lot of the redundancy and sheer headcount sizes are those operating at branch locations. Working at a branch, I can tell you there’s definitely redundancy happening and headcount planning is awkward from a ratio of foot traffic to branch employee ratio.
Qxi - hope you're right that entire teams get laid off.
big tech layoffs in april
Interesting observation but I think you give them way to much credit for having a real plan.
Why does this question keep coming up? They're coming and they're not going to stop for a while.
@sad+19lc3i73, you are right! not only that but they are complacent too!
Is it not obvious after YEARS of doing NOTHING? THEY ARE SPINELESS COWARDS!!!
I heard that for some business groups notifications would be a quarterly thing, so the displacement group is currently working on displacements that will be delivered on/around the begining of Q2.
Regardless of the timing, we all know they are coming and they won't stop until we get down to 200k-ish employees or whatever their target is.
Because we can’t do anything quickly or efficiently here. That’s why
I don’t think they’re trying to slice out dead weight as in unskilled or lazy people. I think there are entire redundant groups. Like if you had three groups independently develop their own SSO (or worse, entire departments roll their own for every project) then that’s a big cost in software maintenance and security assessments. Or if there’s a deploy process where you have to get the ops people and the dev people collaborating to push the release and they move to a DevOps solution using Jenkins or Bamboo. Some of the people getting cut may have worked hard for years, but they have the bad luck to be doing things that should have been automated years ago and they just never changed.
I assume there will be activity before end of Q. Leadership will want that story to tell to Wall Street. Suspect it varies by group, good possibilities called out already: resistance to target #s, waiting for attrition. Also, some groups have new senior leaders who need to get their footing, and sketch out their new org, before they can start making cuts. Digital springs to mind.
This question will come up every week until they start happening again. But FYI, next week is a holiday week so unlikely to see much then.
Layoffs are monthly now. The February date for notification is February 25
In my LOB it feels like management can’t commit to the efficiency initiatives they’re pitching. Groupthink is strong here.
I believe they are doing prep work on the next batch of layoffs but I also feel they are keeping attrition in mind with folks getting their bonuses last week and pay increases on the next check. My opinion.
they should be doing massive cuts in tech and infosec, they open a new massive location in India too to pick up some of the work
Ask your boss instead of people on the internet who don't know their arse from a hole in the ground
I know our team got the ask last week and had to pony up some names. They're apparently getting processed as we speak so my guess is that it will be bigger than a bread box and probably before month end.
@qxi+19lc3i73, that sounds right, they are trying to get rid of all the unskilled workers and dead weight in tech and infosec; there are a lot of them for sure.
I think groups moving to new groups will be cut, and most of dead weight in existing groups
This is just my casual uninformed opinion, but at least in Technology, the massive reorgs and new upper management and infrastructure changes and program overhauls make me think they’re setting up for something bigger than they’ve been doing. Most engineers don’t pay much attention to the machinations of senior management, but I think they could be slicing out entire groups rather than this onesie-twosie stuff, but they have to get their ducks in a row first.