#rif

Feb. 27th is the end of the pay period that would allow Verizon time to get the next wave off the books by end of March. How big do you think the RIF will be?

There are more than 1000 people RIF’d, but EC is going to Lexington for a town hall and employee appreciation event! Coffee and donuts for all! Let’s celebrate the dysfunction!

Spotted getting off on the 16th floor. Eyeroll. Expect them to be paid millions to recommend “cost savings” in RIFs that will never materialize.

It's just too much of a cost center in the eyes of Jane and her EMT's. The expense associated with it is a blot on the balance sheet and has now become unbearable for senior management. They think they can manage the present administration into leashing the FRB/OCC and are confident that they can close the regulatory issues by early next year. Throughout this year there is bound to be multiple rounds of focussed RIF's. Why multiple? Because they can't get rid of everyone all at once plus there's the small matter of not attracting higher SUI taxes ..especially from New York. Since SUI pays for unemployment, large layoff's cause states to increase Citi's contributions and a dime spent on anything else means a dime less in Jane's compensation - unacceptable

As Trim (welcome back Trim!) indicated in his post, layoffs will happen every few months. And there is likely going to be deep cuts in Transformation (Anand S), Risk Mgmt (second line), Data (A Nawani) and Tech that supports transformation. Likely Financial Crimes as well due to offshoring. Some of these may see cuts ahead of others.

Jane and EMT are sick of Transformation. They feel it's holding the bank back, doesn't justify the expense (never mind that empires were built under Jane's watch) and is wholly unneccessary. They have made up their mind to cut the umbilical cord. If a latger Dem administration comes in and brings back regulatory scrutiny...well, Jane will be long gone by then. WHoever is in the chair at the time..let that person solve for it.

Folks in any of the above....start updating your resume, upskilling, applyin and interviewing and activating network. You all will need it. Focus less on Citi's work...do the bare minimum. They don't care what work you did or didn't do when the RIF lists are prepared. Look out for yourself first

There are many posts about RIFs and advice often posted on social media is to watch WARN trackers. I checked several major states and don’t see many, if any, Elevance notices. But I know people in some of those states were RIFed and given the 60-day notice. (Everyone was remote so I checked physical state and IN.)

Has anyone ever actually been tipped off with the WARN trackers, specifically for Elevance?

I’m hearing the 23rd. Lots of Product. No more information. Good luck to all.

Layoffs in SBG have started

Seems brokerage and wealth got hit by multiple flash calls this morning and RIF updates.

Some folks in our team were given 3 months to find a new role within fidelity, contractors are also impacted, post June end it won't be renewed.

Any other BU's impacted?

Will there be a RIF today? A little suspicious with compensation statements postponed.

Are there any upcoming layoffs/RIFS in IT departments, besides SRE?

Remember folks, there is no such thing as loyalty in Corporate America for its customers, workers, or even its brand: just the shareholders. Our salaries are only based on how hard it is to replace us and with AI and increased offshoring we are seen more as a burden and expense than as an asset. Ive been with this company for 25+ years. When I started it was preached that the lower pay was because the company was a place where if you worked hard, they would invest in your development, you can advance, and your job security was pretty high because where we like a family. That was true for the first 15 years of my career here, the workplace culture was excellent. That drastically changed since the end of the pandemic. Im hoping to make it a few more years before a RIF so I can just retire. I feel bad for those having to deal with this here or any major company in the United States. Get ready for two major items in the next 6 months: Major RIFs/layoffs and a full return to office mandate. If you don't come back to the office because you believed the company a few years ago about living wherever you wanted and being able to work or work life balance, you might want to start looking for a new job/career now. If you are an office or hybrid worker, new tech is coming to help HR track you better even if your manager is located in a completely different office or continent. AI is getting better and offshoring is increasing. The talk about doing the "right thing" has been stifled if it does not align with the new "model." The only thing that will make this company improve its workers culture is if the economy, job markets, and competition improve, and until there is a new administration, I doubt that will happen.

I've been in a role as administrative support the past 5 years and feel as though my days may be numbered. I've tried applying out but I've heard that any administrative clerks and support are stuck. I've applied for about 20 different positions over the last year and have been with the company 10 years with a solid resume. No interviews at all. I am worried my role is not significant enough for them and would not be surprised if they RIFd me. Has anyone else experienced this feeling like you're being blocked?

Overheard a manager across the cubicle talking about a 5% across the board reduction next week. I’m in Jersey City. They are definitely acting like a RIF is imminent.

Does anyone have any specifics about when the next RIF will be. 1st or 2nd quarter?

Has anyone anyone else heard rumblings that the severance package for the next round of RIFs is going to be reduced?

Water cooler chatter at NC building 1 has been buzzing with potential RIF being announced mid March.

Can any other BU confirm?

A couple of people on my team are included in the recent Marketing RIF. They’re still sticking around until May, but I can clearly see them completely checked out. Our manager doesn’t care and just assigns all new work to me, while they get to sit back and relax for the next couple of months and still get a paycheck. One of the guys was scrolling LinkedIn jobs all day last week at the office, laptop wasn’t even open. I support them looking out for themselves, but our workload hasn’t decreased with the RIF, so I’m just getting overloaded. Anyone else experience that the RIFs are just making the remaining team members more overworked with no reward?

It crosses my mind daily which I know is not healthy. I try not to think about it and focus on my job but I find it impossible to keep the thoughts and fear entering my thoughts.

I was part of the RIF in January. Trying to get some state insurance and they are requiring me to send a form to be filled out by HR. Does anyone know of an email or contact for Optum? Thanks.

Heads up everyone. It’s happening starting tomorrow. If you see communication to get as much work done before end of sprint then be prepared for RIF right after.

Any info on the South Region (WellMed, Optum Florida) RIF?

Does anyone have any specifics about when the next RIF will be. 1st or 2nd quarter?

I have been waiting for the doc more than 3 weeks since I was informed on the RIF in mid-January. I am not sure why it takes so long to send the standard Docu sign via email on the separation. I just want to make sure I am not the only one. Did anybody receive the separation agreement?

With reviews coming up, if you get placed on a PIP and receive a 2 score, start looking for work elsewhere immediately. PIP is no longer a program to get you back up to a 3 to meet standards. Its almost always used now as a way to lay you off in the near future. They used to work with people to get them back to 3s and above, but now its just a tactic to use to RIF you.

Is anyone who was laid off within 5 years of retirement?

I am wondering if anyone impacted by the RIF was close to retirement, maybe within 5 years.

To those who have been RIF'd, I'm sorry. I hope that you find something better.

Does anyone else experience the guilt when you are left when other are cut??

Go to any of the other banks' board on layoff.com and it's the same as Citi - people complaining about RIF's, forced low rankings, little raise completely out of touch with modern inflation and lowered bonuses...bank of america, JP, Wells, BNY, State Street. All of those boards look identitical to Citi's layoff board. Yet, bank's profits, including Citi, are high and stocks at record highs.

What's the issue for such low employee morale at big banks?

What was the point of the RIF last year if we were going to turn around, and rehire for the same positions?

Anyone who’s still on through 2/20 (NJ WARN Act) get their computer locked out this morning? We still have two weeks .. but my concession cell device works fine. Slack, email, etc ok on the phone but computer locked down.

For those RIF'd while on leave, did your separation date match your leave end-date, or were you cut sooner?

Recently riffed and took severance. I recall seeing there was a “6 month cooling off period” in our severance details but I have logged into the severance portal and that information is gone. I cannot find anything regarding the details of the 6 month cooling off period. Only thing in my severance document is something stating that if I am re-hired by a Verizon company within my severance period I have to repay back a portion of my severance. Are we allowed to work for victra if we accepted severance or that is considered a Verizon company?

Waiting for the start of RIF and have above questions

When does it begin?
Where geographical locations
Which departments or groups
What criteria qualifies
Who determines
How many total targets?
How it is implemented
Why now?

Not surprised! Even with Quality Audits, that area still couldn’t get it together after years and years.
RiF’d the wrong people last year IMO

https://share.google/oUNbVwec3krKUU7Za

Do we have confirmation on when AIP will be paid out? What are people hearing or feelings about any exodus after the payout?
And since it doesn’t seem like there was any big RIF in January, does it seem like there will be one before AIP?

I am worried since many people posted that a few there and there were let go and no WARN Act notices.

I think this is the new norm unfortunately.

I’m not here to scare anyone but share what I’ve been told and heard but I was told there’s another RIF coming 2/19.

Heard of folks being walked out at the research center earlier today. I guess positive financial results means layoffs. Negative results mean exercising the 5% rank and yank provision in the new performance system? Hopefully they give good packages if this is true…

The Washington Post is an embarrassment.

https://www.thelayoff.com/t/1kgmwz0v2

Confirmed layoff next week before the All-Hands. Have now heard it from multiple sources in my organization. Don’t know the scale but know 2 members on my team that are impacted.

Very disappointing, I hope I get selected honestly. I’ve been meaning to leave for a while and it would force change in my career.