Just spotted on LinkedIn, and it rings true.
"Crazy idea: instead of laying off your team, break your lease on your office.
Save your rent money, pay their salaries, and let them work remotely.
Thanks for coming to my TED talk."
12 replies (most recent on top)
It's rich that they wanted the peons to RTO when their new executive works out of his home in Texas, which is well outside the footprint
So what’s this got to do with my promotion to AVP?
I haven't seen any mention of the corporate air hangar with at least 2 corporate jets and a helicopter, along with on-call pilots! I'm sure those are still there and that the pilots haven't lost their jobs.
Having an HQ isn't a problem. Buying and owning a major office building in Charlotte is a huge mistake that highlights the fact that this deal was about ego and not success. Bush league mistakes by bush league banks are getting people cut.
No company has ever laid off its way to prosperity and SunTruist won’t be the first. A year from now BCG will advise them they cut too deep and they’ll add another thousand people. The lunacy never ends. Oh and so you know your geographic location to a major city played a role in many of you “Teammates “ being riffed.
Every bank needs a HQ building. The tower in Charlotte isn't as big of an issue as the two or three buildings in downtown ATL that are sitting empty most days.
If only we were smart enough to lease - but your King Donk came in and bought the Hearst building in Charlotte to feed his ego. Blame KK for not being able to afford to keep you. That hillbilly was not ready for prime time.
They only know how to cut jobs. No chance they’d spare a dime in fancy digs
Purpose!!!!!
@ajk+1qBzCaz6 - I would argue that the RTO is as much about executives being embarrassed they didn’t renegotiate leases as it is their failure to be able to manage remotely.
@osu+1qBzCaz6 We just signed a 100K sqft. lease in Hudson Yards last year and are shifting staff from Fifth Ave to there. Are you sure our leases are cheap and that we're not in Manhattan? lol
Our leases are cheap, we’re not in Manhattan or Silicon Vallt.
Sadly, since RTO is about controlling and immiserating non-executives, economic arguments won’t change their minds.