I know there were layoffs yesterday and I see that some people have mentioned that cuts will continue through July and August. I'm wondering if that means it will be condensed layoff rounds (once a week, twice a month), or is it going to be small groups of people daily?
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As always, continuously!
They will try to do the layoffs on Fridays to give you the weekend to comprehend. Because of inflation and interest rates going up, the layoffs will be more far greater than expected. Once the economy improves, it is easier to replace with lower hourly/salaried positions. It's a travesty caused by HSuntrust management.
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One thing I know for sure as a manager, you cannot rely on transparency with the post merger executive leadership in this company. Don't expect full truths on any of the calls or information provided. Expect to be blindsided with short notice. The culture has changed dramatically since the merger. The morale in the mid to lower levels is horrible. The day before all these layoffs, which by the way they have not disclosed the number of layoffs yet..HR emailed an announcement to all Trust teammates stating that the minimum hourly wage will be increasing to $22 an hour in October 2022. That was a devastating message to send out the day before they laid off untold numbers of employees.