Been seeing a lot of comments on earlier posts about rumors of layoffs. Was wondering if there is a similar pattern between now and the last significant layoff in 2023? Just want to be prepared and not caught off guard. Thanks! (Apparently PNC didn’t file warn notice for that round)
8 replies (most recent on top)
@1vh agree to a point, but companies like PNC have a responsibility to shareholders to maximize value. In my several years at PNC I have yet to see layoffs as a strategy, and never at the level of some competitors. We are a complex business in a complex economy in a complex world…. To think anyone can set a long term plan and never adjust or refine it is ridiculous. “People” is the biggest cost of doing business so yes there is a need for intelligent strategy but not because the company owes anyone anything. It has to manage its costs efficiently. I think PNC does that better than most.
Layoffs shouldn’t feel like a recurring strategy they should be a last resort. When workforce reductions start to look cyclical, it raises real questions about long term planning, culture, and commitment to employees. Companies like PNC have a responsibility to balance performance with people, and consistency in that balance matters.
@bb all businesses across PNC.
@aj yes! Moving jobs offshore.
“Rumors” of “layoffs” have been around since the dark ages. And you should always be prepared for a change in direction, not wait til someone on a chat forum says “yeah I heard that too”. We’re all at risk of being laid off, let go, dismissed, or fired every day. I don’t think bank leadership wonders about “rumors” of people “quitting”…. They know it happens and that’s why they’re always recruiting. Stay sharp, stay relevant, continue to develop a skill or niche.
@aj are we talking bank side only? Or wealth management too?
Layoffs are coming for back-office staff like risk and compliance and bsa/aml. There are large reorganizations happening currently and they will result in layoffs and future reduction in open requisitions in those organizations.
I heard of possible voluntary layoffs but not when.