@xupf, I have a bachelor's in computer science and retired at 52 when Todd eliminated my job. I'm smart enough that I'm at the upper end of what is considered a HNWI. You?
41 replies (most recent on top)
Belittling other commenters says everything about you and nothing about them. Think about what you are doing. Directing rude comments to individuals - anonymously no less - just to entertain yourself.
Is that really the kind of person you want to be?
Allow me to question… are you a G.E.D. Non- H.S. grad with a 2 year University of Phoenix associates degree? It’s ok… I have many friends in that situation. We are all doing what we can do for ourselves, but it seems that you are somewhat disengaged from education and working.
Well, January layoffs were a 1% fail… the smallest ever BNYM cut in over 20 years. February layoffs were a 0% fail…. not one soul was displaced in that bust.
I’d contend that they’ve got us where we want them. Life is good.
Too late, a new HR friend promises a small (less than January’s 1%.
We need a way to track these HR Friends and their track records.
If there ever is a 2% layoff will there be a sigh of relief or will there be increased paranoia?
This is the craziest and longest fake non-layoff thread yet. Why does the paranoia increase even as the the layoffs become ever more rare?
Really, @jnpp? Tell me the formula for setting aside reserves for loan loses or litigation expenses. I'll give you a hint. There isn't one. You pull number out of your bu-t and it shows a loss.
It was 8 people asking questions, and it wasn’t getting fired. It was a layoff with a generous one year package for which so many of us are hoping that we’ll receive.
Don’t you just love imaginary HR friends?
Imaginary HR friends 0
Failed predictions 12
Real HR Friends don’t scare friends with Layoff rumors every month, when there has been exactly one tiny 1% layoff since August 2008.
Yes, we saw it. It was exactly what you’d expect from a 1% layoff (54 people). 14 of them were confused because they hadn’t ever updated their home email, didn’t know their employee number, never bothered to learn to logon to Nexen to get documents etc.
If we (doubtfully) have another wave of 1% you’’ll see about the same thing
International teams were spared and the icing on the cake was that they avoided all pension cuts due to U.K. Laws. It seems hat North America just can’t catch a break.
“Massive” layoff coming this week heard from ANOTHER HR friend.
Is this the same HR friend who predicted the “Massive” 1% layoff in January?
1% layoffs are wise pruning. The MASSIVE layoffs were the 10% per year, every year, from 2000 to 2008.
Actually it isn’t. 1 percent is less than 1 person on every floor.
I don’t like layoffs either but there is no need to dramatize 1%. From 2000 to 2008 we experienced 10% layoffs each and every year. Now THAT is significant layoffs.
You can’t manipulate numbers any way you want in accounting.
Allow me to guess… University of Phoenix grad?
How is 1% a huge layoff? I’ve never worked on a team where 20% carried 80% of the load.
One percent of 50,000 IS huge. But it was actually much more than that.
@hbw
It was just about what you’d expect with a 1% layoff, wasn’t it?
A certain percentage don’t know their email, employee ID, HR4U phone number, how to log in to HR systems, Nexen, etc.
Yes, but it’s still only a 1% layoff which was exceedingly low, particularly as we haven’t had a large one for 4 years and counting. Thankfully for us Roman Regalman has yet to automate a single Operations job.
Apparently you guys missed the dozens of posts from fired people asking about shipping back laptops, when they get their first SUB pay, what they have to do with their 401(k) etc.
You got it right… just some jackwagon scaring people. Shame on the perpetrators.
@op
Any updates on the “Massive layoff coming this week heard from your imaginary HR friend? “Coming this week” has turned into 21 days late and counting.
@1vid, I understand enough about cost accounting to realize you can use it to manipulate numbers to say anything you want. But common sense says getting rid of people not only gets rid of costs, it gets rid of the benefit they were adding. It's easy to measure how much an employee costs, it's hard to measure how much money they made the company. Our current costs are escalating because we keep canning people who were making things more efficient. And it's just a matter of time until we have some real expensive security issue or massive outage that can't be fixed by doing the needful.
We're making billions of dollars, have a PE ratio way below what value investors look for and have plenty of ways to use our experienced employees to reduce costs with very short payback timeframes. But our reactionary "leadership" is focused on short-term profits in place of sound long-term management. You can't starve a business into prosperity.
Debunked. The 1% layoff was it. Pretty minor compared to any and every month from 2000 to 2008.
Only at the bank can people whine about good times…
You should learn cost accounting and financial statement analysis to learn about and understand ratios. We aren't doing well, and yes… that is exactly why we’re now spending hundreds of millions on severance packages. We desperately need to cut costs or be acquired.
one thing i know is that edinburgh teams will slowly be wiped out in a few years. jobs will move fully to manchester.
Do you know what date that this will take place, and do you know that if there would be future layoffs after March?
@1zou, not doing well??? We made a couple billion dollars last year! And it would have been more if we weren't spending hundreds of millions on severance packages.
Real leadership would know that slashing jobs is only a temporary way to reduce costs. IT has spent the better part of the last decade securing our systems and infrastructure with very little going toward increasing efficiency. It was certainly the right thing to do even if regulators didn't force a lot of it on us. Even before the massive layoffs the last 5 years, we were too busy putting out fires to effectively manage anything. And now there's not IT left to work on it and no business people to support us.
Of course people making only 30-70K who are non performers get laid off. This is true of all levels and salary grades. Even at the top people are eased out gracefully with nicer packages. 30-70K represents solid income for anyone.
The Bank is not doing well and has to cut expenses which is why we have forced rankings. Generally when people are displaced their workgroups understand why they were picked although I’ve seen a few really bad displacements.
Dublin got hit hard last week.
Riverside.
I know of a few heads that like the bus, they didn't see it coming.
Unfortunately, although the below person could have been more tactful, the layoffs will affect management and salaries 100K and above. Think about it- why would people making only 30-70K get laid off?
Would this be the same Chicken Littles who have been telling us that the sky is falling through 3 layoff free years and one brief 1% layoff last week?
Why yes, I believe that they were the same people.
Who outside of the voices in your head bragging that they are making 100K?
It only affects all the people bragging that they are making 100K and up plus middle management. If you don’t fit in either category, you are safe. The end.
Whereabouts is this happening ? I thought the international locations were spared a couple of weeks back . Also, some of the smaller officer in the west coast. OP: any intel ? Much appreciated. I am in Manchester UK, BTW.
Also more layoffs in March. Some people have been approached and asked if they want to “volunteer” for the layoff and still receive the full separation package. Not necessarily people close to retirement age either.
Why fire now, just give people 0 bonus, save $ on bonus and severance, they will leave on own.
This is a sick joke. I guess the 1% layoff wasn’t enough for some people.
Really? Plan was for 1500 in 2023 and at least 1200 were already let go. If this is true, God help us. If it is made up, shame on the fabricators.