I've been here for 18 months so I'm not yet sure how things work. Is there a specific period each year when layoffs take place (the bank I worked at previously always did major layoffs after the first-quarter earnings report, not sure why), or is it different each time and depends on many factors? Is there any way to tell?
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Ditto on last Thursday of the month for larger numbers, other Thursday are normally smaller numbers. Everyone is hearing the July cut but no idea which groups.
4/28
When I was there, myself and a bunch of others were laid off on a Thursday, at the end of the month.
I've been here a decade and noticed that layoffs always occur on payday Wednesday, that is the Wednesday before payday. I have heard that for remote employees, the Fed Ex letter arrives either Tuesday or Wednesday AM and a call from the manager. I don't know how much longer they can go in mortgage without a big layoff. They just moved 300 underwriters over to loss mit for a 2 year project. That was done a month ago and we still have no work. With rates increasing so fast and the prices still sky high... I don't see where we will hit 60% of last year's production in mortgage that they are projecting. We've been here now for 8 months with nothing to do. 30% reduction in personal income thus far. I do have to say kudos to WF for keeping us on so long, friends at other mortgage companies were laid off in Nov and Dec.
After the market's response to our earnings, the blood will flow. Tech is affected.
Layoffs are still going on every week. But they so far have been avoiding large layoffs. RTO is a soft layoff that will go horribly wrong for them.
It used to be that they were done on Tuesday and Thursday, and could be done at any month. Mortgage would ramp up and down with the housing market, for example.
There are two rather large batches on the horizon - July and late summer or early fall. There may be smaller batches peppered around from now until then.
I was there for 18 months and left, it was a ho-e. They were doing layoff every week when I worked there.
Could it be? A post about layoffs on a layoffs forum? What is going on here? Is this a trap?