Guess we will hear more soon.
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So, it feels like being in a relationship with someone who manipulated you for years by feeding you false promises, and claiming to be better than others, only to find after marrying them and building a family for years, that they were actually cheating on you the entire time and are now leaving you for their other wife and kids. I believe I am a realistic person, and think the organization has at least tried to "do right" by providing severance, but I do think it is more driven from a selfish purpose of appearances than truly caring. If they really cared, they would perhaps speak to us like real human beings instead of reading a script and then removing our access immediately without notice. I genuinely believe people are good, and do not mean to harm others, but gosh, this is a sign of a culture/principle issue from leadership. Really sad, and breaks my heart.
I hope the younger Ally employees realize this life lesson. You can pour you heart and soul into a company but in the end you’re just a number. Work at one company four or five years, get some experience, then move on. Pad your resume with multiple jobs and make yourself marketable. If possible, work for yourself. American corporations are horrible with the CEO making an average of 300+ times that of an average employee. As Gordon Greco said,,,,greed is good…take care of yourselves and hope to see some of you soon. Best of luck to those of us affected.
Has any heard anything about the severance packages ? What orgs are impacted ?
I know people in Compliance received notices today. Also heard that layoffs will be on a rolling basis until end of November. Hold on tight all.
5 of my co workers got laid off today, who are experienced and been here for a long time..not sure what's the logic behind this cuts happening.
Omg, I am so sorry they’ve identified you! Uggh I know it must feel frustrating but I know you’ll find better. What department where you in? How was severance?
Has anyone heard anything today?
I fell victim, if they want to cut costs so the investors can get better profits, so be it. The cost of corporate overcasting profits..too bad I'm closing my accounts with them after this.
I was laid off from Ally before. If they find out you found another job shortly after leaving, they will ask you to pay back the severance since you "Don't need it anymore." But they legally can't get it back from you. Just ignore them, but their HR department will be calling you non-stop like a debt collector.
UX team has already cut 4 people this morning (some have been at Ally for 10+ years), waiting on more info after DPX leadership has a meeting at 1:45pm today.
I've heard some POs and Development teams have seen cuts today as well.
It's already happening today, hang on tight everyone. Remember, you're worth more than you think.
Interesting threads. Any successful business needs to focus on efficiency. Ally has always been great to its employees. But that doesn’t mean it does not have to worry about cost, especially in this environment. This is not anything new to Ally but it does this far less than others in this industry (by a long shot). Ally is more employee focused than any company in this industry. I’m not an employee, but an investor.
I don’t think it’s a DEI issue but people feel he is spending too much time and money focusing on Environmental, Social, and Governance (ESG) scoring of which DEI is a part of. JB seems to always start his messages about how well we are doing in those fields versus what we can do to increase revenue. Hey JB, how about we reward people on the merits of their performance instead of what group someone fits into?
Why are so many people upset about D&I? Last time I checked everyone all around me is highly qualified to do their jobs!
I hear JB and the board are taking Jane Fraser’s approach to the upcoming layoffs….starting at the top! She cut her top 2 layers first and is moving down from there. She’s reorganizing the entire company basically at one time. She even said they planned for 2 years! The move has shaken up the industry and now others are following suit - including JB! Just check out her speech from Barclays Global Financial Conference a few weeks ago! Considering no SVP’s knew anything about layoffs coming, I’m thinking there may be some truth to this! Monday morning is going to be interesting!
If reducing headcount by 5%, shouldn’t the remaining workers get a raise since they will have more work to do? Asking for a friend
How many millions did Ally lose on the US Auto Sales and US Offlease debacle yet no one in upper management loses their job? Millions wasted on D&I all so that Ally surveys look good. Last month we had an employee satisfaction survey during which time management knew job cuts were coming. Care about your employees well being,,,,sure you do. Any new hires should think about who you are coming to work for.
Just got hired suppose to start on 10/9.
We have over 80 job opportunities listed yet JB announces layoffs. Age discrimination at Ally is alive and well as they are using the age of 63 1/2 to cut jobs. Would love to see a lawsuit by the US Department of Labor as it pertains to the Age Discrimination Act of 1967.
5% cuts across the company
All depts and levels affected
- 5 and older who meet other criteria being offered early retirement packages first
If the number isn’t met with early buyouts then in two weeks involuntary layoffs are coming
Should be done and over with by end of October
HR wasn’t on the call
The messenger couldn’t answer many questions
I don't think JB blinked once in that video. It was quite creepy. Hey, great job everyone with the HR Transformation. And by the way, we will be "selectively reducing our headcount" Lovely.
Does anyone know which departments will be affected by this?
And that, ladies and gentlemen, is why you cannot trust a corporation. They will lie, cheat, and steal for shareholders. They couldn't care less about real people. They have cognitive dissonance when it comes to realizing the people make the business. The morale building statements aimed at employees are as hollow as a Dollar Tree chocolate Easter bunny......
This is coming while we're already swamped with work and now those who make it through this will have even more work. Before overburdening employees here are where potential cuts SHOULD have come from.
- Ally donated $1 BILLION dollars in 2023 alone for affordable housing in Detroit and Charlotte. How many salaries would that cover? Obvious PR stunt and some of that will be a tax write off.
- JB received $14.4 million in total compensation in 2022 alone. I'm going to guess most impacted employees make a little less than that.
- Ally has spent $29 million in 2023 on stock buybacks. This is after spending $1.6 BILLION on buybacks in 2022.
- How much could Ally save on office space, utilities, rent, equipment, and taxes by simply letting employees work from home? Numbers were up during the pandemic. If employees can get work done without the office then don't pay for the office.
There are probably more things to list but this is what I thought of first. Please go to Google images and type Dave cutbacks. It perfectly explains everything.
the way it was announced is distasteful, hidden in the month in review ?? no additional info, everyone worrying over the weekend
This is going to be massive. Every RBC has a number they have to cut. Basically the message is that the shareholders are more important than the employees. I loved Ally, now I'm sick to my stomach and worrying about my future.
Anyone knows which departments?
His video today was a direct slap in the face to all those that have worked hard for years making Ally a success. It’s always the same thing, we love our employees, our culture is the best, blah, blah, blah, until……..This has been in the works for months. JB and the rest of his minions….that’s all I’ll say.
Lost all respect for JB. So all the “we care about our employees” and “I’m freezing hiring to preserve our workforce” was total bs. Who waits til October to do this…. Nobody hires in Nov/Dec. The reason you hire is to grow and it costs money to do that. If you don’t have that money - don’t hire! Bad management by JB + leadership team and the fake care is appalling!
Totally weird and crazy how none of the leadership knew about the video! I think anybody can be on the chopping block!
Yep, and I hear it’s some of his directs! Starting from the top down!! I hope it’s true! Guess we’ll find out on Monday.
Weird flex to announce at noon on a Friday