Thread regarding TIAA (TIAA-CREF) layoffs

So. Everyone is saying we need to keep doing the 3 day in office week. I get it somewhat since the lease terms would require people working there until a skeleton crew closer to end date of the offices.

But how much “collaboration” can we do with people we know we won’t ever see again either from not moving to Frisco or getting the eventual layoff.

Honestly it’s ridiculous for any of these 3 sites to be in the office anymore. Like what am I gonna do help someone write their resume for their next job based on projects we worked together on… everyone remaining with TIAA is at a different site. Are we literally supposed to pretend to collaborate with others here or what. Did they think this through at all!?!?

Dont count on severance even though you think there is some contract stating that it exists. Workaround is to make life so miserable you will fire yourself and it usually works. Start today to look for other employment easier to find new job when you have one. Even if they do sc--w you over on severance they have deeper pockets than you so will drag it out to bleed you dry. If there is a win remember the legal team takes a giant bite and good luck in future employ with a history of suing a previous employer

Tiaa was founded on great principles in 1918, but look at their Senior management and others bonuses. It's like a mafia, know the right people, stay politically correct and move up. Speak up and you will see revolving door. They need to be audited for benefit payouts, many goes uncollected and into great bonuses. Also their "not for profit" model is a facade. Their top Wealth Advisors can make a million- I am sure Karma will bite at some point

We have a specific package for severance. It is irrelevant how long they give you. Under section 3, it specifically states “for purposes of this plan a job elimination means the elimination of a specific position at the office location to which such position was assigned.”

You will not be able to skate by, there will be a lot of people laid off before then to try to get them to get the number lower before that date. But not giving the severance package would open them up to a lawsuit.

Two years for Denver also allows for them to determine if they can pull this off and fill Frisco, which is debatable right now at their current salary structure. That said this a huge win for people who are very frustrated with how the company is going and want to punch out. Work hard for two years you’ll get two more bonuses a good severance and you can find a new job after.

Work on paying off debt, get in a financially clear situation and it’ll be fine. With all the valid complaining on here I don’t get why people are upset with this situation. I’d be furious if I was in Charlotte though, they’re going to have to deal with all the fallout.

Denver is a right to work state. While your company might be accustomed to giving packages, if the plan is to close July 2026 you are being given a 690 day advance notice. With that said, it sounds like there is a large population in Denver. Realistically, I wouldn’t hold your breath for a package if your intent is to “ride it out”.

I understand being upset and thinking you could just be a “lame duck” for the next 690 days. Just keep in mind that your company is a business and if you are not performing they can and most will take disciplinary action against you.

Harsh reality is that if your company is in as dire straights as you say it is, I would expect future that cost cutting measures will continue to impact you until your office closes. This includes annual bonus structures, benefit costs, hiring freezes, disciplinary write ups, any pay out packages in force currently, and a rework to your PTO policy.

I have read many employees on this site for your company talk about a pending meeting in September where they anticipated announcements of record keeping being moved to an outside company. I also note threads about countless reorganizations resulting in workforce reduction. With all that said, sounds as if any one role could be impacted before the closure date.

Know this, no one is coming to save you individually. You are the only one who can help you. Sounds like this is the time to invest in yourself. Expand your skillset, sharpen your interview skills, retool your resume. You’re not going to get much accomplished by bashing your CEO, board, or EC members. From the sounds of it, if they truly are causing irreparable damage to the company it will be public enough to impact their future.

Show up for and champion for yourself.

Best of luck to you all. I am praying for you and hope you find peace in your potential successful futures.

Seriously, if you’re in Denver and didn’t want to move then this is close to the best thing you could hope for in this situation. You get 2 years to be a lame duck, take as much pto as you can get away with, put in as little work as possible, collect your paycheck along with a couple more bonuses and then get a pretty nice severance package. For those that can’t take the risk of being out of work for any period then you have 2 years to start interviewing and finding a new job but will likely give up the severance package. Sounds like certain wealth roles will be transitioning to a smaller office space in Denver but unsure as to how many roles that applies to. Official announcements tomorrow

I say share away! Kudos to that true patriot of a PL! Fu-k the information asymmetry at this dumpster fire. The only way us little people can get the information we need (and trust) is to not listen to the TIAA communication propaganda machine that is clearly biased with their agenda.

@inf+1tRRgtRo Denver lease was originally until 2029. I’m sure that was accounted for in some contract since owners went into default status in 2023.

So perhaps they couldn’t close this year an and had to choose 8/1/2026 to avoid an early lease termination penalty.

That said I think the OP broke some rule for posting this. I agree with others who said it’s nice for some to get 1 year and others 2 years to consider moving if they are asked to or find a new job if they don’t want to or aren’t asked to relocate…

It’s still a really cr-ppy decision and TIAA is going to lose so much talent because of this boneheaded decision.

We don’t need an office to work - roughly 80% of the company can work from an iPads from home and there is next to zero collaboration in office. Usually it’s water cooler talk about the sporting event from the prior night or weekend/pto the excursion. Nothing substantial like innovation is done more in the office than can be done at home.

Did we sign a 2 year lease in Denver then?

There is zero chance that everyone will be moved there. This is a consolidation of locations after they do more people consolidations.

I’m actually really surprised they are giving everyone in Denver 2 years. That’s actually pretty generous lead time to get everything in order. If you don’t want to move.

To all of those saying "they can't possibly move X number of Denver employees...". Wake up! 1) It's two years away. That's plenty of time, even by TIAA standards. 2) They don't want Denver employees to move. They will hire new people in Frico. And yes, you are replaceable. It su-ks, but it is what it is. We are all replaceable. You have two years to find a job. Consider that a gift and start the count down.

I don’t think many people would move to Texas of all places.
We have 4 seasons, activities outside of shopping and drinking and tons of accessibility to nature
Why would anyone move somewhere as miserable as Texas?

The real shame is that even leaders don’t trust T and her squad to be honest and transparent about important information like this.

People leaders have carefully built up their teams, treated their people right, and fostered loyalty- only for this wannabe celebrity CEO to come in and undermine the entire culture because only sees employees as 5/8th human. It’s no wonder T hasn’t inspired any respect or loyalty from anyone except those she personally brought over.

T wants a culture of cutthroat secrecy, she got one.

She ain’t a colleague, she a colonizer.

Meanwhile Big T flies around in Jets everyday and is in Paris with all the celebs posting articles on how great of CEO she is.

This is why everybody thinks people leaders at TIAA are a joke…you post this stuff and get people riled up instead of being a leader and actually doing your job. I don’t know what call you were on, but I’m sure you weren’t supposed to come and spew it on here.

Comical leaders can’t trust other leaders to keep confidential information on the down low

Any mention of when it will be officially announced to everyone? There goes any remaining motivation and morale that was left.

It was a real call. Denver is closing july 2026

Did they say all of Denver to Frisco or only partial? Relocating 1,200+ people seems like an impossibility logistic wise.

Can people move sooner than 2026?

Real meeting. It was for people leaders only.

This better be fake. July is far too late for most from a school schedule perspective.

Will be next to impossible for families to move and get kids enrolled in school on time. Heck even April is too late for Charlotte and Denver schools.

Ridiculous. OP must be in a small meeting and can easily be found out if this was a real meeting today.

Anyway… I can see Jacksonville, but they can’t possibly move all Denver folks to Frisco. Probably 1/4 max will be offered to move but not all of them will be willing to move either.

What call?