If you don’t get that message you’re either on the rif list or they don’t care if you leave. From what I hear it’s almost random, there’s a target budget going forward and they select a job title for elimination to meet the budget. So everyone with a certain job title in a department are gone.
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No one is safe there. Especially the ones who think they are. Managers are liars and lie on teammates. Morale is the worst I've ever seen in an organization. If you speak on it in the "anonymous " surveys, you become a target.
Never ever believe your manager. So many let go were managers. I’ve been through one layoff before at a well known firm. I would have been the LAST one let go on paper and in all I did at the branch. I was the one laid off. I was also the younger of the two. It all comes down to who you work for.
The one who has been told that they are not on rif list..
Can you share in which lob/job role they are part of?
Thanks
Has consumer lending been affected?
No this will not satisfy the market. Losing half your market value and consolidating some LOB’s and riffing a couple of thousand isn’t going to get that back. Bill’s seat ain’t even warm as he controls the BOD. He will likely replace or reshuffle some of EL as well. More Suntrust leadership will certainly not fix what ails this institution. Liquidity, liquidity, liquidity that’s the game Bill and Mike are playing. They don’t care about new business or existing for that matter. We are losing 100m plus customers weekly and they don’t care. Other regionals are like buzzards picking at the carcass. It’s about numbers and nothing else.
Use your heads folks. There is no “safe” department or job. Every LOB has a savings target. They can’t RIF everyone because the severance $ would be too costly, so they RIF based on some obscure method that will pass the HR sniff test. Whoever remains will carry very heavy loads, higher goals, cuts to incentive etc. If they stay, fine … the bank gets more work for less money. If it drives them out slowly. No severance needed. This looks better on paper “hey we didn’t cut them all….they elected to resign”
The question is, will this wave be enough to satisfy the market, ROI, shareholders etc. or will more cuts be needed. Bill is on the hot seat and eliminating your job may be his lifesaver.
This is the HR MBA's at work. Look for the most expensive line items in the analytics system, delete those rows, and then claim that the HR MBA's have "added value". We're all simply rows in a data table now.
What part of the bank are we talking about here?
If they want you gone doesn’t matter age, skills, looks, class , intelligence or anything else, u be gone!
definitely not doing longest, over 40 is a protected class that requires more scrutiny
Do they prefer to RIF the shortest (less severance) or longest (ageism) tenured?
likely not “all” in every department unless there any many people in the same job title. generally they pick a job title and then use criteria like corrective action, performance rating, tenure, etc to determine which people to RIF. good times.
Particular LOB or across the board?