I didn't come here that long ago, but it already seems to me that I made a big mistake when I accepted the offer here. My fault. The atmosphere is terrible and it seems as if nobody is happy here.
Were there many periods in the past that were actually worse than this one?
As a contractor, I have found a shocking lack of organization and process. Not sure how anything gets done! Lots of meetings but really, no collaboration. I have met some nice people but they are definitely eliminating people and freezing open positions. Guess they're afraid of a recession?
I can imagine in some of the retail (gradual decline) and mortgage banking (bo-m and bust) it has always been like this. On the commercial/corporate/credit side I don't think it has ever been nearly as bad. It could be that I had my head in the sand or lucked out, but there was never a threat of getting laid off, not even during the great recession when they asked us to take pay cuts.
B.t.w. it is my understanding Pricewaterhouse Coopers, not McKinsey, is doing the "org chart flattening" and layoffs. I could be wrong but have been told that by senior officers.
It was great pre-Mckinsey. Now it's run by people who don't have actual banking experience, and the only way they know how to hide poor performance is by cutting expenses. And the biggest expense is people.
In my 23 year career as a mortgage underwriter, I have now entered my fourth layoff. The unfortunate fact is that I did not heed advice from a senior employee at the beginning who said, this will not be the only bank you will work for. I have lost three years of actual employment in those 23 years. Trouble is that once you gain experience you salary gets higher, I honestly believe that has a determination as to who gets let go. They throw in a few of the most recent hires. Stop, take a look around, when you realize you are one of the oldest in the room, might as well get your personal things collected because your turn is coming soon. The sad reality of choosing a career in mortgage. Look in another direction for a stable career, mortgage and banking is the wrong choice. Choose wisely….
There were worse economic challenges (McKinsey manual says to refer to these events as "headwinds") since the turn of the century, however U.S. Bank had capable and very experienced leadership in charge of all business lines at those times, particularly the fee based business lines, to help weather the storm, but not anymore and perhaps that is the most disappointing thing to watch, as other banks and businesses continue to perform well, but it's all about solid leadership and real experience, not spreadsheets, cutting jobs and trying to run the U.S. business lines from Poland.
It’s always been horrible.
Don’t panic. There’s some shuffling going on, some job eliminations, but banking is changing. Remember when you used to go to Target and the cashiers keyed in the UPC codes for items? Everything evolves. Hang out, learn what you can, stay positive and literally don’t believe everyone on here. Some are just $$$$-stirrers
Hang for a couple years, learn what you can, and move on.
Look at the bright side. It's been proven that the way to make more money is to never stay at one company for too long. Put in your two years and find something that will pay you 20% more somewhere else!
No, there were no great times. Layoffs are always a major part of this company dating back decades. My boss once told me that this company never laid people off. Of course, I didn't believe him because I knew people that had been let go. He should have said, in his few years at the bank, they never laid off people, on his team. He cannot say even that limited statement anymore.
This company is a terrible place to work and always has been and always will be. Their management is fake and incompetent. They make up for their incompetence by constant re-orgs and RIFs.
Yes, you made a mistake. Strongly suggest you land another job away from this cess pool while you still have marketable skills. It should be obvious by the posts here that its only a matter of time before USB fires you. Rest assured that day will come. It's already out there.