Just heard from a credible source that layoffs within Chris Ward’s organization (Wholesale Payments), including Digital will be occurring in 4Q. I heard the same for Ken Meyer and Bryce Elliott’s organizations.
Any surprises here?
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Bryce Elliot is the issue with his woke department heads that can't lead. Gets on a layoff call and talks about himself. God Speed
This suspense isnt good!
I have heard there is focus on retaining / outsourcing software engineers and tech delivery resources but to consolidate work streams under GPMs, product managers, owners and SWEDs. There will be RIF of these resources due to consolidations
This is unbelievable! What department do you work in?
"Those being told to return to the office were forced into old buildings that haven't been occupied or maintained in years. Most of the staff is sitting on the floor or making desks out of old boxes. They don't even have phone service in the buildings. Great planning. The former Suntrust elites are destroying the bank. Kelly King should be ashamed of himself for allowing this."
"Today my team was told that the bank would NOT be purchasing phones for the office and that we would be expected to use our PERSONAL cell phones to conduct business. No reimbursements. There is no cell reception in most of the building so people are taking calls in the break room or the parking lot"
"Those being told to return to the office were forced into old buildings that haven't been occupied or maintained in years. Most of the staff is sitting on the floor or making desks out of old boxes. They don't even have phone service in the buildings. Great planning. The former Suntrust elites are destroying the bank. Kelly King should be ashamed of himself for allowing this."
Today my team was told that the bank would NOT be purchasing phones for the office and that we would be expected to use our PERSONAL cell phones to conduct business. No reimbursements. There is no cell reception in most of the building so people are taking calls in the break room or the parking lot.
Is there any group under these three that are comparatively safe?
I thought technology in general will have lesser impact going by how EL has been implying that tech is focus. Is Wholesale payment technology or business?
In our division there hasn't been any news so far.
Those being told to return to the office were forced into old buildings that haven't been occupied or maintained in years. Most of the staff is sitting on the floor or making desks out of old boxes. They don't even have phone service in the buildings. Great planning. The former Suntrust elites are destroying the bank. Kelly King should be ashamed of himself for allowing this.
The way WP is structured today (card, merchant, treasury solutions) is how it was structured at hSTI. I could definitely see combining some Product Owners… been saying that for years. They could also do away with the Risk Admin area. There is nothing that group does that isn’t already covered by Ops Risk and/or Compliance.
Wholesale Payments combined several depts under the same WP umbrella. Which do you think will see the hardest hit? Card, merchant, or treasury?
SunTrust leaders took over Tech and ruined it. Take a look at those responsible for this mess first, like the CIO.
It's nice to have a "job well done" for a merger in a laughably short timeframe during a pandemic, followed by round one of layoff stress, followed by a cratering stock price, following by a "surprise!" non-communicated return to the office, followed by round two of layoff stress which has not been once communicated to employees from a management level of any kind. Welcome to Truist.
Thank you for sharing. I wish leadership were more forthcoming with employees and have a company wide email or meeting.
So mostly middle management is what's being targeted in this space?
At lower level, there is a large proportion of contract workers or vendors. Did your source specify if the impact is on the contract/vendor workers or full time employees?
Software Engineering Directors and Product Managers and Product Owners as there is effort to consolidate work streams to other resources. Apparently EL feels there are too many resources and work streams can be consolidated.
Names of leads are there, you can probably get org chart by yourself if you work there. If you don't work with Truist, then the org chart shouldn't not relevant IMO.
Coming back to layoffs -
Did your credible source share any magnitude or what type of roles are being targeted?
can anyone share an org chart for these above?